audit opinion
21Audit committee — In a publicly held company, an audit committee is an operating committee of the Board of Directors, typically charged with oversight of financial reporting and disclosure. Committee members are drawn from members of the Company s board of… …
22audit — detailed checking of the financial records of a business by an independent qualified person ( auditor) in order to verify their correctness or to detect errors or fraud. Glossary of Business Terms An examination of a company s accounting records… …
23audit objective — 1. The purpose of an audit. Audits are normally performed to support or refute specific objectives. The external audit of an organization, for example, typically has the following main objectives: To obtain evidence that the organization’s… …
24audit exemption — The exemption from statutory audit by a registered auditor that can be claimed by certain small companies. Companies with a turnover of not more than £1 million and a balance sheet total of not more than £1.4 million may be totally exempt from… …
25audit exemption — The exemption from statutory audit by a registered auditor that can be claimed by certain small company Companies with a turnover of not more than £1 million and a balance sheet total of not more than £1. 4 million may be totally exempt from… …
26audit working papers — Files that contain the detailed evidence and information gathered during an audit. Typical contents include information of continuing importance (e.g. the organizational plan of a company), planning information, assessment of the client s… …
27Financial audit — A financial audit, or more accurately, an audit of financial statements, is the examination by an independent third party of the financial statements of a company or any other legal entity (including governments), resulting in the publication of… …
28Joint audit — A joint audit is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsibility for the audit. A typical joint audit has audit planning performed jointly and fieldwork allocated… …
29disclaimer of opinion — A statement made by an auditor to the effect that a limitation on the scope of the audit report is so material that he or she has not been able to obtain sufficient evidence to support an opinion on the financial statements. See: audit opinion,… …
30unqualified opinion — The version of an audit opinion rendered when a certified public accountant is satisfied that the financial statements are fairly presented and are consistent with those of the preceding year, and that the audit was performed in accordance with… …
