Audit – A formal review to verify and assess an organization’s financial and programmatic operations.
The term ‘‘audit’’ means an examination of the financial statements of any issuer by an independent public accounting firm in accordance with the rules of the Board or the Commission (or, for the period preceding the adoption of applicable rules of the Board under section 103, in accordance with then-applicable generally accepted auditing and related standards for such purposes), for the purpose of expressing an opinion on such statements.
A survey or examination of the insured’s books or other records to determine the premium due the carrier for protection furnished. Audits are most commonly made in connection with workers’ compensation, garage liability, and manufacturer’s and contractors’ liability insurance, when a premium is based on the insured’s payroll. Hence, the term "payroll audit" is commonly used. Also, "audit" is used in its accounting sense.
Independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures.
"Audit" means an audit authorized or required by a statute of this state or the United States, the charter or an ordinance of a municipality, an order of the commissioners court of a county, the bylaws adopted by or other action of the governing board of a hospital district, a resolution or other action of a board of trustees of a school district, including an audit by the district relating to the criminal history background check of a public school employee, or a resolution or other action of a joint board described by Subsection (a) and includes an investigation.
"The legal requirement for a corporation to have its balance sheet, financial statement, and underlying accounting system and records examined by a qualified auditor so as to enable an opinion to be formed as to whether the financial statement accurately represent the company's financial condition and whether they comply with relevant statutes."
Audit has been defined 33 different ways in documents like OSMRE Federal Assistance Manual 2010, Definitive Notice and Proxy Statement, Sarbanes-Oxley Act of 2002, and 7 more.