Audit - Law Dictionary Search Results
Home Dictionary Name: auditAudit
Audit, an examining of accounts. An audit may be either detailed or administrative, and is usually both. A detailed audit is a comparison of vouchers with entries of payment, in order that the party whose accounts are audited may 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. If in either branch of audit an improper entry is discovered, the auditor surcharges the party whose accounts are audited; whereby the payment must be made by such party out of his own pocket. Where no fraud is suspected, however, and when there has been no negligence, it is common for the surcharge to be remitted [see, e.g., (English) Local Government Act, 18 (23 & 24 Geo. 5, c. 51), s. 230], especially where the party whose accounts are audited has given his service gratuitously.The public accounts are audited under the (E...
audit
audit 1 : a formal examination of an organization's or an individual's financial records often for the purpose of uncovering fraud or inaccurate tax returns ;also : the final report of such an examination 2 : a methodical examination and review audit vb ...
audit committee
audit committee : a corporate committee made up of usually outside directors who review audits and evaluations of the corporation and its officers ...
Date of finalisation of the duly audited accounts
Date of finalisation of the duly audited accounts, means the date on which the audited accounts of the company are adopted at the annual general meeting of the company. [Sick Industrial Companies (Special Provisions) Act, 1985, s. 3 (1) (da)]...
Energy audit
Energy audit, means the verification, monitoring and analysis of use of energy including submission of technical report containing recommendations for improving energy efficiency with cost benefit analysis and an action plan to reduce energy consumption. [Energy Conservation Act, 2001 (52 of 2001), s. 2(i)]...
Auditors of the Imprest
Auditors of the Imprest, officers of the Exchequer, who formerly had the charge of auditing the accounts of the customs, naval and military expenses, etc., now performed by the commissioners for auditing public accounts, Jac. Law Dict....
Public - Auditors and valuers
Public - Auditors and valuers, persons appointed by the Treasury for the purpose of audits and valuations under the (English) Friendly Societies Act, 1896, s. 30, and under the (English) Industrial and Provident Societies Act, 1893, s. 72. Their duties and remuneration are as prescribed from time to time by the Treasury. In the case of the latter class of Society, audit by a public auditor is now compulsory (Industrial and Provident Societies Act, 1913, s. 2). See also Industrial Insurance Act, 1923 (13 & 14 Geo. 5, c. 8), s. 15....
examine
examine ex·am·ined ex·am·in·ing 1 : to investigate or inspect closely [ the title] compare audit 2 : to question closely esp. in a court proceeding compare depose ...
general accounting office
general accounting office (GAO) The federal government office that carries out legal, accounting, auditing and claims settlement functions with respect to federal government programs and operations, as assigned by Congress. The recommendations of this office are designed to make government operations more efficient and effective. Source: FindLaw ...
letter
letter 1 : a direct written statement addressed to an individual or organization ;broadly : an official communication see also counterletter determination letter : a letter from an administrative agency (as the Internal Revenue Service) usually in response to a request in which a determination, decision, or ruling (as whether an organization qualifies as charitable) is made information letter : a letter from an administrative agency usually in response to a request that provides information and esp. that simply calls attention to an interpretation or principle of law letter of intent : a letter in which the intention to enter into a formal agreement (as a contract) or to take some specified action is stated letter ro·ga·to·ry [-rō-gə-tȯr-ē] [probably partial translation of Medieval Latin littera rogatoria letter of request] : a formal written request by a court to a court in a foreign jurisdiction to summon and examine a witness in accordance...
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