Internal Audit - Law Dictionary Search Results
Home Dictionary Name: internal 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)]...
International Commercial Arbitration
International Commercial Arbitration, the definition of 'international commercial arbitration' makes no distinction between international commercial arbitrations which take place in India or internalcommercial arbitrations which take place outside India, AIR 2002 SC 1432 (1439): (2002) 4 SCC 105. [Arbitration and Conciliation Act, 1996, s. 2(f)]International commercial arbitration means an arbitration relating to disputes arising out of legal relationships, whether contractual or not, con-sidered as commercial under the law in force in India and where at least one of the parties is-(i) an individual who is a national of, or habitually resident in, any country other than India; or(ii) a body corporate which is incorporated in any country other than India; or(iii) a company or an association or a body of individuals whose central management and control is exercised in any country other than India; or(iv) the Government of a foreign country. [Arbitra-tion Act, 1996 (26 of 1996), s. 2(1) (...
International Law
International Law. I. Public Law: The law of nations, strictly so called, was in a great measure unknown to antiquity, and is the slow growth of modern times, under the combined influence of Christianity, intercourse, commerce and war.II. Private Law (Conflict of Laws): It is plain that the laws of one country can have no intrinsic force, proprio vigore, except within the territorial limits and jurisdiction of that country. They can bind only its own subjects and others who are within its jurisdictional limits; and the latter only while they remain therein. No other nation, or its subjects, is bound to yield the slightest obedience to those laws. Whatever extra-territorial force they are to have is the result not of any original power to extend them abroad, but of that respect which, from motives of public policy, other nations are disposed to yield to them, giving them effect, as the phrase is, sub mutu' vicissitudinis obtentu, with a wise and liberal regard to common convenience and ...
International Airports Authority
International Airports Authority, 'International Airports Authority' means the International Airports Authority of India constituted under s. 3 of the International Airports Authority Act, 1971 (43 of 1971). [Airports Authority of India Act, 1994 (55 of 1994), s. 2(k)]...
International Covenants
International Covenants, 'International Covenants' means the International Convenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights adopted by the General Assembly of the United Nations on the 16th December, 1966. [Protection of Human Rights Act, 1993 (10 of 1994), s. 2(1) (f)]...
internal law
internal law : the law of a state regulating its internal affairs compare international law, whole law ...
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