Audit Objectives Sample Clauses

The 'Audit Objectives' clause defines the specific goals and intended outcomes of an audit process. It typically outlines what the audit aims to assess, such as compliance with regulations, accuracy of financial records, or effectiveness of internal controls. By clearly stating these objectives, the clause ensures that both the auditor and the audited party have a shared understanding of the audit's scope and focus, thereby promoting transparency and minimizing misunderstandings about the audit's purpose.
POPULAR SAMPLE Copied 2 times
Audit Objectives. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. We will also report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the basic financial statements taken as a whole. Our responsibility in the expression of opinions is to plan and perform the audit to obtain reasonable assurance, but not absolute assurance, that the financial statements are free from material misstatements. An important aspect to our expression of opinions on the financial statements is understanding the concept of materiality. Our determination of materiality is a matter of professional judgment and is affected by our perception of the financial information needs of users of the financial statements. In this context, it is reasonable for us to assume that users –
View Source
Audit Objectives. Audit reviewed implementation of the recommendation of previous Report as instances of incorrect and incomplete data in the system were noticed in Audit. The current follow up audit of FICO module of SAP was conducted to ascertain whether:
View Source
Audit Objectives. The objectives of the engagement are two-fold: A: A Financial Audit to express an opinion on the project’s financial statements9 that includes: 1.1 Expressing an opinion on whether the financial incurred by the project over a specified period andthefunds utilization asattheend of aspecified period are fairly presented in accordance with UNDP accounting policies and that the expenses incurred were: (i) in conformity with the approved project budgets; (ii) for the approved purposes of the project; (iii) in compliance with the relevant regulations and rules, policies and procedures of UNDP; and (iv) supported by properly approved vouchers and other supporting documents. The Combined Delivery Report (CDR) and the accompanying Funds Utilization10 statement is the mandatory and official statement of expenses and funds utilization to be certified. Other forms of statement of expenses that may be prepared by a project office are not accepted. 1.2 Expressing an opinion on whether the statement of fixed assets present fairly the balance of assets of the UNDP project as at a given date. This statement must include all assets available as at 31 December 2012 and not only those purchased in a given period. Where a DIM project does not have any assets or equipment, it will not be necessary to express such an opinion. 1.3 Expressing an opinion on whether the statement of cash held by the project presents fairly the cash and bank balance of UNDP project as at a given date. Disbursements made against a DIM project are usually financed from the regular country office bank accounts. Exceptionally, a dedicated bank account may be opened and used 8 A responsible party is an entity that has been selected to act on behalf of UNDP when then latter directly implements a project. The role of a responsible party on a project that is directly implemented by UNDP would be somewhat similar to that of a “sub-contractor”.
View Source
Audit Objectives. Recipients are subject to conditions of fiscal, project, and general administration responsibility. Accordingly, the objective of an audit is to review the recipient’s administration of such funds. The purpose of an audit of such include the following:
View Source
Audit Objectives. To determine compliance with the Master Lease provisions, including whether: Scope: Our audit included the FY 2015 budget and FY 2014 assessed taxes, financial reports, and insurance. Methodology: Our audit objectives were accomplished through: Conclusions: Overall, CRC is complying with the Master Lease provisions. CRC maintained all insurance coverage required by the lease and timely paid all assessed taxes, such as Pima County property taxes and Arizona’s Transaction Privilege and Use Tax. No actual rent payments were made to UA. ▇▇▇▇▇ was advised that the UA Vice President for Tech Launch Arizona obtained the UA President’s approval for CRC to retain net proceeds from the previous year for upcoming operations and expenses, as permitted by the lease provisions.
View Source

Related to Audit Objectives

  • Project Objectives 1.1 (Type the Project objectives)

  • Goals & Objectives The purpose of this Agreement is to ensure that the proper elements and commitments are in place to provide consistent IT service support and delivery to the Customer by the Service Provider. The goal of this Agreement is to obtain mutual agreement for IT service provision between the Service Provider(s) and Customer(s). The objectives of this Agreement are to: • Provide clear reference to service ownership, accountability, roles and/or responsibilities. • Present a clear, concise and measurable description of service provision to the customer. • Match perceptions of expected service provision with actual service support & delivery.

  • Agreement Objectives (a) The fundamental objective that the Parties have in creating the Agreement is to produce an agreed industrial relations framework that encourages achievement of the following goals on the Project. (1) A safe and healthy Project Site environment where everyone works towards achieving the health and safety management philosophy of an injury and incident free Project; (2) A Project where everyone has the opportunity to perform their best work and achieve a sense of personal satisfaction by the time they complete their work assignment; (3) A Project where all participants' efforts and best work translate into a high quality result for the Project; (4) A Project where all participants work toward the common goal of completing the construction work on the Project within the defined schedule and budget; (5) A Project where leaders focus on understanding and dealing with people issues; (6) A Project where all participants listen to others point of view and act to amicably resolve any differences of opinion that may occur from time to time without ever resorting to unreasonable or unlawful means to achieve the result they wish to achieve; (7) A Project where, by all the participants acting in a considerate and respectful manner, positive relations with the local community they are performing the construction work in are maintained. (b) The Employer is accountable to: (1) Provide the management resource and support needed to achieve an injury and incident free Project; (2) Encourage its leaders to focus on issues raised by any member of their team; (3) Ensure its leaders act to address appropriately and in a timely manner, any concern raised by any member of their team; (4) Act at all times with fairness, honesty and in a trustworthy manner, responding to issues or concerns raised in a timely manner; (5) Recognise the talents and capabilities of their Employees and encourage excellence in construction execution. (c) Each Employee is accountable to: (1) Establish and maintain a safe and healthy work area, ensure safe and healthy work practices are followed at all times and within their duty of care, take responsibility for their personal safety and the safety of other Employees; (2) Comply with Project environmental health and safety regulations, procedures and practices; (3) Participate in and comply with the Project’s cultural and environmental processes; (4) Ensure their personal fitness for work on each day they are scheduled to work; (5) In all of their dealings with other Employees and their Employer, act with fairness and respect; (6) Work towards both the Project and their team’s goals to the full extent of their personal capacity; and (7) Raise any personal concern/issue directly with their immediate team leader/supervisor thereby providing the Employer with an opportunity to resolve/assist the concern/issue. If the team leader/supervisor is not available, then raise the matter with a more senior Employer leader.

  • Program Objectives Implement a rigorous constructability program following The University of Texas System, Office of Capital Projects Constructability Manual. Identify and document Project cost and schedule savings (targeted costs are 5% of construction costs). Clarification of Project goals, objectives.

  • Project Objective The Parties will jointly develop the Project Objective based upon the Owner’s requirements, goals, and constraints. The Project Objective is comprised of the Base Program, Target Cost, Added Value Incentive Items, Implementation Documents, and Contract Time, and any other objectives agreed by the Parties. The Project Objective establishes the Project requirements and standards for measuring the Project’s success. The various components of the Project Objective may be incorporated into the Agreement through Amendment upon recommendation of the Project Management Team and approval of the Senior Management Team.