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An evaluation of the effectiveness and efficiency of various systems within an organization.
management audit
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An evaluation conducted by one organization, such as a CPA firm, on another.
external audit
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A periodic assessment of a company's own planning, organizing, leading, and controlling processes.
internal audit
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The process of investigatin what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling.
budgeting
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Procedures used to verify accounting reports and statements.
accounting audits
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A method of cost accounting designed to identify streams of a activity and then to allocate costs across particular business processes according to the amount of time employees devote to partivular activities.
activity - based costing (ABC)
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A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.
balance sheet
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The values of the various items the corporation owns.
assets
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The amounts a corporation owes to various creditors.
liabilities
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