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TMI BlogAuditX X X X Extracts X X X X X X X X Extracts X X X X ..... or official examination and verification of books of account (as for reporting on the financial condition of a business at given date or on the results of its operations for a given period), (b) methodical examination and review of a situation or condition (as within business enterprise) concluding with a detailed report of findings : rendering and settling of accounts. 2. the final report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y not debit his employer with payments not in fact made. An administrative audit is a comparison of payments with authorities to pay, in order that the party whose accounts are audited may not debit his employer with payments not authorised. Exchequer and Audit Departments Act, 1866, as amended) Black's Law Dictionary-fifth edn., . "Audit: Inspection and verification by I.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... increasingly common with the rise of large business units and the separation of ownership from control. The public accountant performs tests to determine whether the management's statements fairly present the firm's financial position and operating results; such independent evaluations of management reports are of interest to actual and prospective shareholders, bankers, suppliers, lessors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the requirements of the accounting system are being met effectively and also whether the system itself is adequate for management needs. Perhaps the most familiar type of " auditing is the administrative audit, or pre-audit, in which individual vouchers, invoices or other documents are investigated for accuracy and proper authorisation before they are paid or entered in the books... " An audit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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