Internal Audit
- Social Sciences -
Economics & Business Dictionary
Definition
An accounting concept defining how financial activity is recorded, classified, and summarized into reports. It specifies recognition, measurement, and control practices that support reliable reporting and decision use. It does not prevent misstatement without effective controls, review procedures, and consistent application of accounting policies.
Internal Audit
- Social Sciences -
Finance & Accounting Dictionary
Definition
A financial reporting and control concept defining processes and safeguards used to produce reliable statements and management reports. It governs reconciliations, approvals, audit trails, and consolidation steps that reduce error and detect misstatement. It does not guarantee accuracy without timely execution, competent review, and remediation of control gaps when detected.
Internal Audit
Social Sciences Dictionary
Definition
An independent, objective assurance and consulting activity, established within an organization to evaluate and improve the effectiveness of governance, risk management and internal control processes by providing assessments, recommendations and follow‑up to appropriate levels of management or governance bodies.