Audits Definitions

  • A

    AICPA (American Institute of Certified Public Accountants)

    The AICPA (American Institute of Certified Public Accountants) is a member association for the accounting profession that sets ethical standards for accountants, as well as U.S. auditor standards for private companies, nonprofit organizations and the government.

  • Altman Z-score

    The Altman Z-score is a statistic that is useful for evaluating the financial health of a publicly traded manufacturing company. 

  • audit program (audit plan)

    An audit program, also called an audit plan, is an action plan that documents what procedures an auditor will follow to validate that an organization is in conformance with compliance regulations.

  • C

    chief risk officer (CRO)

    The chief risk officer (CRO) is the corporate executive tasked with assessing and mitigating significant competitive, regulatory and technological threats to an enterprise's capital and earnings.

  • compliance audit

    A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit... (Continued)

  • compliance framework

    A compliance framework is a structured set of guidelines that details an organization's processes for maintaining accordance with established regulations, specifications or legislation.

  • compliance risk

    Compliance risk is exposure to legal penalties, financial forfeiture and material loss an organization faces when it fails to act in accordance with industry laws and regulations, internal policies or prescribed best practices.

  • compliance validation

    In compliance, validation is a formal procedure to determine how well an official or prescribed plan or course of action is being carried out. Continued...

  • Computer Fraud and Abuse Act (CFAA)

    The Computer Fraud and Abuse Act (CFAA) of 1986 is United States legislation that made it a federal crime to access a protected computer without proper authorization.

  • conduct risk

    Conduct risk is the prospect of financial loss to an organization that is caused by the actions of an organization's administrators and employees.

  • F

    FASAB (Federal Accounting Standards Advisory Board)

    The Federal Accounting Standards Advisory Board (FASAB) is an advisory committee that develops accounting standards for U.S. government agencies.

  • G

    Government Accountability Office (GAO)

    The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress to investigate how the federal government spends taxpayer dollars.

  • I

    information assurance

    Information assurance (IA) is the practice of protecting against and managing risk related to the use, storage and transmission of data and information systems.

  • internal audit (IA)

    An internal audit (IA) is an organizational initiative to monitor and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.

  • ISACA

    ISACA is an independent, nonprofit, global association that engages in the development, adoption and use of globally accepted information system (IS) knowledge and practices.

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