ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INTERNAL AUDIT Definition
INTERNAL AUDIT is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. To this end, internal auditing furnishes them with analyses, appraisals, recommendations, counsel, and information concerning the activities reviewed. The audit objective includes promoting effective control at reasonable cost. Occasionally a corporation may contract an external auditor or firm to conduct its internal audit function.
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CONTRACTOR is the person or entity who will provide the goods or services under the provisions of the contract.
UNCONDITIONAL means that an agreement is not contingent, determined or influenced by someone or something else; to include not being modified or restricted by reservations.