- published: 01 Oct 2014
- views: 54863
The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, water management, and energy conservation.
Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion of the person / organization / system (etc.) in question, under evaluation based on work done on a test basis.
Due to constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements - a concept influenced by both quantitative (numerical) and qualitative factors. But recently, the argument that auditing should go beyond just True and fair is gaining momentum. And PCAOB has come out with a concept release on the same.
What is Audit?
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Face is blank, emotion free
walk the highlands, walk the creed
so super ultra clean
there's no need to kill a dream
keep your fingers in the cream
so super ultra clean
chorus
and i see the wonders
(theese chemicals can do)
this will all preserve the peace
it'll put your mind at ease
so super ultra clean
face down in the mud you'll see
there's a way for you and me
to be super ultra clean
live your life in fear of dirty laundry
live your life in land of ultra clean
in my dreams my shirts come back to haunt me