Audits Definitions

  • I

    IT audit (information technology audit)

    An IT audit is the examination and evaluation of an organization's information technology infrastructure, policies and operations.

  • P

    PCAOB (Public Company Accounting Oversight Board)

    The Public Company Accounting Oversight Board (PCAOB) is a Congressionally-established nonprofit that assesses audits of public companies in the United States to protect investors' interests.

  • PCI DSS compliance (Payment Card Industry Data Security Standard compliance)

    Payment Card Industry Data Security Standard (PCI DSS) compliance is adherence to the set of policies and procedures developed to protect credit, debit and cash card transactions and prevent the misuse of cardholders' personal information.

  • privacy plan

    A privacy plan is an organizational directive that outlines how the organization will protect the personal information of its customers and clients. A privacy plan tends to be an internal document, as opposed to a privacy policy, which is an outward-facing description of how an organization collects, processes and uses data.

  • pure risk (absolute risk)

    Pure risk, also called absolute risk, is a category of threat that is beyond human control and has only one possible outcome if it occurs: loss.

  • R

    records retention schedule

    A records retention schedule is a policy that depicts how long data items must be kept, as well as the disposal guidelines for these data items.

  • regulatory compliance

    Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business processes.

  • S

    smart contract

    A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions.

  • speculative risk

    Speculative risk is a category of risk that can be taken on voluntarily and will either result in a profit or loss. 

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