Operational Audit definition

Operational Audit means an audit whose purpose is to evaluate management’s performance in establishing and maintaining internal controls, including controls designed to prevent and detect fraud, waste, and abuse, and in administering assigned responsibilities in accordance with applicable laws, administrative rules, contracts, grant agreements, and other guidelines. Operational audits must be conducted in accordance with government auditing standards. Such audits examine internal controls that are designed and placed in operation to promote and encourage the achievement of management’s control objectives in the categories of compliance, economic and efficient operations, reliability of financial records and reports, and safeguarding of assets, and identify weaknesses in those internal controls. Section 11.45(1)(i), F.S.
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Operational Audit means a review of the effectiveness, efficiency, and economy of the organizational activities of the Operator, as they relate to the Housing Facility.
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Operational Audit means a financial-related audit whose purpose is to evaluate management’s performance in administering assigned respon- sibilities in accordance with applicable laws, administrative rules, and other guidelines and to determine the extent to which the internal control, as designed and placed in operation, promotes and encourages the achievement of management’s control objectives in the categories of compliance, economic and efficient operations, reliability of financial records and reports, and safeguarding of assets.
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Examples of Operational Audit in a sentence

  • The Company’s internal audit focuses on Management / Operational Audit through transaction validation on value additions, systems improvement, and statutory compliances.

  • This Section 1.4, Operational Audit, is not intended to require ERCOT to create any new records, reports, studies, or evaluations.

  • The rights of Market Participants to audit ERCOT are limited to the provisions in this Section 1.4, Operational Audit.

  • The following recommendations were agreed: • The Committee noted the audit opinions issued.• The Committee noted the progress made by the Section towards meeting the 2016/17 Operational Audit Plan and the Section’s performance indicators at the three months stage of the financial year.

  • It is the sole responsibility of the bidder to see that the proposal is received before the date and time listed.

  • Assurances were provided that there was good progress within the Operational Audit Plan for 2016/17.

  • FHWA may issue FINs during three major activities: • Operational Audit – FHWA may discover improper charges on the sample projects under audit.

  • At its quarterly meeting the Audit Committee reviews and discusses results of internal audits performed by the Operational Audit Department.

  • Therefore, the modern concept of OA, at the time of writing this thesis, has been practised in Australia for the past 30 years.2.2 The concept of Operational Audit OA has been variously defined by different organisations and different researchers.

  • In September 2010, the Towns of Hamilton and Wenham engaged Evergreen Solutions, LLC, to conduct an Operational Audit of Hamilton-Wenham Regional School District (HWRSD).


More Definitions of Operational Audit

Operational Audit has the meaning given to it in Section 7.01.
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Operational Audit means any audit, spot checks or other periodic assessment of the Services, the Contractor Personnel, the Sites and related documents required by the Commission, including but not limited to:
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Operational Audit means a type of audit to examine and evaluate the economic nature, efficiency and effectiveness in the management and use of state budget, money and property.
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Operational Audit means the operational audit of the Corporation that is required to be prepared under the operating licence.
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Operational Audit means reasonable expenditures incurred by the Borrower to review the eligibility of both Family Representatives and poor children that receive grants; and
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Operational Audit. The internal audit objectives included the following: Verified compliance with state and department hiring policies; Verified compliance with grant and contract requirements; Validated accurate timekeeping and payroll functions; Verified accuracy and proper tracking of capitalized inventory; Verified accuracy and proper tracking of supply inventory; and Verified accuracy and appropriateness of employee reimbursements. • Timekeeping: Objectives of this internal audit of fire services included the following: Identified and assessed effectiveness of accounting and administrative controls over timekeeping report and compliance union contract and shift differentials; Determined whether the records and documentation for timekeeping and payroll related items are sufficient to establish an audit trail for all transactions involving employees’ time, pay and deductions.
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Related to Operational Audit

  • Initial Audit is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with results satisfactory to Bank in its sole and absolute discretion.

  • Environmental Audit means, with respect to each Property, a Phase One environmental site assessment (the scope and performance of which meets or exceeds the then most current ASTM Standard Practice E1527 for Environmental Site Assessments: Phase One Environmental Site Assessment Process) of such Property.

  • conformity assessment body means a body that performs conformity assessment activities including calibration, testing, certification and inspection;

  • Review Officer means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by Access Persons. The term “Alternative Review Officer” means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser.

  • Medical Review Officer (MRO means a licensed physician, employed with or contracted with the City, responsible for receiving laboratory results generated by the City's drug testing program who has knowledge of substance abuse disorders, laboratory testing procedures, and chain of custody collection procedures; who verifies positive, confirmed test results, and who has the necessary and appropriate medical training to interpret and evaluate an individual's confirmed positive test result together with his or her medical history and any other relevant biomedical information.

  • conformity assessment means the process demonstrating whether the requirements of this Regulation relating to a device have been fulfilled;

  • Commercial Operations Upon satisfaction of the following conditions, the Facility shall be considered to have achieved Commercial Operations on the Day specified in Seller's written notice described below: (i) the Acceptance Test has been passed, (ii) all generating units have passed Control System Acceptance Tests, (iii) the Transfer Date has occurred, (iv) Seller has (1) provided to Company the Required Models (as defined in Section 6(a) (Seller's Obligation to Provide Models) of Attachment B (Facility Owned by Seller)) in the form of Source Code, (2) placed the current version of the Source Code for the Required Models with the Source Code Escrow Agent as required in Section 6(b)(i)(A) (Establishment of Source Code Escrow) of Attachment B (Facility Owned by Seller), or (3) if Seller is unable to arrange for the placement of the appropriate Source Code into the Source Code Escrow account, placed the required funds with the Monetary Escrow Agent as required in Section 6(b)(ii)(A) (Establishment of Monetary Escrow) of Attachment B (Facility Owned by Seller), and (v) Seller provides Company with written notice that (aa) Seller is ready to declare the Commercial Operations Date and (bb) the Commercial Operations Date will occur within 24 hours (i.e., the next Day).

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Medical Review Officer (MRO) means a licensed physician responsible for receiving and reviewing laboratory results generated by the school district’s drug testing program and for evaluating medical explanations for certain drug tests.

  • Accounting Officer clause 65;

  • Impact Assessment has the meaning given to it in Clause 22.1.3 (Variation Procedure);

  • Medical assessment means an assessment of a patient’s medical condition secured by our Assistance Company working in conjunction with the Medical Evacuation Provider’s medical director and in collaboration with the attending physician. The Assistance Company in collaboration with the Medical Evacuation Provider, will utilize the assessment to determine at its sole discretion whether a Plan Holder is fit to fly; the most appropriate means to provide medical evacuation; the medical personnel who will be accompanying the patient on the transport; and to confirm the medical facility closest to one’s home can meet their medical needs. If the patient’s medical facility of choice is unable to provide the high level of medical care required by the patient, arrangements will be made to transport the patient to the appropriate medical facility closest to their home, or closest to patient's preferred medical facility in the US when possible.

  • Neutral Auditor means Ernst & Young or, if Ernst & Young is unable to serve, an impartial nationally recognized firm of independent certified public accountants other than Seller’s accountants or Purchaser’s accountants, mutually agreed to by Purchaser and Seller.

  • Operational Control means Security monitoring, adjustment of generation and transmission resources, coordinating and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Balancing Authority Areas and Reliability Coordinators, voltage reductions and load shedding, except that each legal owner of generation and transmission resources continues to physically operate and maintain its own facilities.

  • Operations Manager is defined in Section 4.8(a).

  • Project Management Report means each report prepared in accordance with Section 4.02 of this Agreement;

  • Initial Operation means the first integral operation of the complete equipment covered under the Contract with the sub-system and supporting equipment in service or available for service.

  • Public safety officer means a member serving a public

  • Environmental Consultant has the meaning set forth in Section 5.17(a).

  • Credential analysis means a process or service by which a third party affirms the validity of an identity document described in section 25(6)(c) through a review of public and proprietary data sources conducted remotely.

  • Engineering means the application of scientific knowledge for the design, control, or use of building structures, equipment, or apparatus.

  • In operation means engaged in activity related to the primary design function of the source.

  • Phase I assessment as described in, and meeting the criteria of, (i) Chapter 5 of the FNMA Multifamily Guide or any successor provisions covering the same subject matter in the case of a Specially Serviced Mortgage Loan as to which the related Mortgaged Property is multifamily property or (ii) the American Society for Testing and Materials in the case of Specially Serviced Mortgage Loan as to which the related Mortgaged Property is not multifamily property.

  • Due Diligence Examination shall have the meaning set forth in Section 3.2.

  • Phase I Environmental Assessment A “Phase I assessment” as described in, and meeting the criteria of, the ASTM, plus a radon and asbestos inspection.

  • Systems Engineering means preparing specifications, identifying and resolving interface problems, developing test requirements, evaluating test data, and supervising design.