Audit
7 terms with concise definitions
Audit Trail
TermChronological record of changes and transactions used for traceability and verification.
Internal Audit
TermIndependent review of internal controls, processes, and risks.
Management Audit
TermEvaluation of management performance and decision-making.
Qualified Opinion
TermAudit opinion indicating issues that are material but not pervasive.
Statutory Audit
TermMandatory audit required under law for certain entities.
Tax Audit
TermAudit of accounts to verify tax compliance under the Income Tax Act.
Vouching
TermAudit procedure to verify transactions using supporting documents.