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.
ALLOWANCE FOR SAMPLING RISK is the difference between a sample estimate and the projected population characteristic at a specified sampling risk. This allowance
is also the difference between the expected error rate and the tolerable
INVERSE is the opposite or reverse. An inverse relationship between two variables means that when one increases the other decreases.
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