Audit - Law Dictionary Search Results
Home Dictionary Name: audit Page 1 of about 28 results ( seconds)Audit
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 ...
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)]...
audit committee
audit committee : a corporate committee made up of usually outside directors who review audits and evaluations of the corporation and its officers ...
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....
London
London, the metropolis of England. for a short account of early London, see 3 Hallam, Mid. Ages, p. 219.The 'city' of London, which is not subject to the Municipal Corporations Act, contains only 671 acres and is divided into twenty-six wards, over each of which there is an alderman, and is governed by a lord mayor, who is chosen yearly. As to the customs of the city, see Pulling's Customs of London, p. 5 et seq.The customs of London as to the distribution of intestates' effects are abolished by 19 & 20 Vict. c. 94.The administrative 'county' of London was established by the Local Government Act, 1888, s. 40, and consists of the city of London and the various metropolitan parishes in the counties of Middlesex, Surrey, and Kent, which prior to that Act were subject to the jurisdiction of the Metropolitan Board of Works, constituted by the (English) Metropolis Management Act, 1855 (18 & 19 Vict. c. 120), the powers of which board are transferred to the London County Council, the number o...
Surcharge
Surcharge, an overcharge of what is just and right; exceeding one's powers or privileges; a declaration by an auditor that a person is personally liable to refund a particular part of public money illegally expended by him [see, e.g. the Public Health Act, 1875, s. 247 (7)]; a second or further mortgage. See AUDIT.1. An additional tax, charge, or cost usu. one that is excessive 2. An additional load or burden, Black's Law Dictionary, 7th Edn.The expression 'surcharge' in the context of taxation means an additional imposition which results in enhancement of the tax and the nature of the additional imposition is the same as the tax on which it is imposed as surcharge. A surcharge on land revenue is an enhancement of the land revenue to the extent of the imposition of surcharge. The nature of such imposition is the same viz., land revenue on which it is a charge, Sarojini Tea Co. (P) Ltd. v. Collector of Dibrugarh, AIR 1992 SC 1264 (1269): (1992) 2 SCC 156. [Assam Land Revenue and Land (S...
Qualified opinion
Qualified opinion, means an audit-report statement containing exceptions or qualifications to certain items in the accompanying financial statement, Black's Law Dictionary, 7th Edn., p. 1254....
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
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