COMPLIANCE AUDIT Definition

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COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.

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BALANCING is, in general, getting two things to correspond. In accounting, it is have two totals matching, e.g. balancing within the balance sheet.

TRANSPARENCY, in economics, (1) Principle adopted in the General Agreement on Tariffs and Trade that governments must make their rules, regulations, and practices open and accessible to the public and other governments. (2) General Agreement on Trade in Services requirement that its member states publish their regulations affecting trade in services, that they notify the Council for Trade in Services of any relevant changes, and that they respond promptly to requests for information from other members.

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