What does auditable mean?
Auditability is defined as the ability of an auditor to get accurate results when they exam a company’s financial reports. Auditability rests on the access to all the information necessary to audit. Auditability can also be influenced by an auditor not being sufficiently independent of the entity being audited.
What are the different types of audit list?
Breaking Down 9 Different Types of Audit
- Internal audit. Internal audits take place within your business.
- External audit. An external audit is conducted by a third party, such as an accountant, the IRS, or a tax agency.
- IRS tax audit.
- Financial audit.
- Operational audit.
- Compliance audit.
- Information system audit.
- Payroll audit.
What are the terms used in auditing?
Audit terminology
- CLEAN AUDIT OUTCOME:
- FINANCIALLY UNQUALIFIED AUDIT OPINION:
- QUALIFIED AUDIT OPINION:
- ADVERSE AUDIT OPINION:
- DISCLAIMER OF AUDIT OPINION:
What is Blockchain auditability?
The auditability of digital assets (blockchain audit) Verifying a chain of blocks involves auditing digital assets (such as cryptocurrencies) stored in the chain.
What is cloud computing auditing?
A cloud auditor is a party that can perform an independent examination of cloud service controls with the intent to express an opinion thereon. Audits are performed to verify conformance to standards through review of objective evidence.
What is comprehensive audit?
Comprehensive audit is an examination of all areas of accounting and tax records, a full and complete investigation of a company’s financial and economic activities. Comprehensive audit is a means of identifying and correcting accounting and reporting errors.
What is concurrent audit?
Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions.