They may be too close to the programs to see the problems, or they may not have the time and resources an independent
audit brings to bear to thoroughly evaluate their programs and identify problems.
1 Establish an effective internal
audit function that reports to the
audit committee.
The performance
audit team followed government auditing standards (the Yellow Book) and conducted the review in a manner consistent with the code of ethics and standards issued by the International Organization of Supreme
Audit Institutions.
The panel's recommendations were principally directed to three groups able to influence
audit conduct: the Auditing Standards Board, auditing firms and the former SEC Practice Section of the AICPA.
Get current on Important issues that require special
audit considerations.
The Service's 2004 Data Book (available at www.irs.gov/pub/irs-soi/04databk.pdf) revealed an increase in
audits of both individuals and certain corporations in fiscal year (FY) 2004, when compared with the prior FY.
Wilson contrasted the positive experience of the HP
audit with the negative feedback received regarding MTC
audits in general.
Leases usually contain an "
audit clause," theoretically designed to protect both landlord and tenant from escalation charges.
The legislation, signed by President Bush on July 30, 2002, applies to all publicly held companies, their
audit firms, and all actively working auditors.
Currently, when a company wants to examine its underwriting, it resorts to an internal process where the
audit is conducted by the very folks being
audited, or alternatively, the
audit responsibility falls upon the company's reinsurers.
* Coordination meeting: Before an
audit begins, a team member will meet with the management team of the plant.
The registration
audit occurred less than seven months after the quality sys.