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 has the meaning given to it in Section 7.01.
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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

  • Operational audit means an audit conducted 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 audit (1) It is a condition of every licence that the licensee must, at least once in every period of 24 months (or any longer period that the Authority allows), provide the Authority with an operational audit conducted by an independent expert appointed by the Authority.

  • Operational audit includes: (i) maintaining and ensuring compliance with ISO9001 under the family of ISO9000, a series of international standards on quality management and quality assurance developed by the International Organization for Standardization, for the quality control of the Group’s production; (ii) maintaining and implementing a sound network system to avoid computer viruses or other system malfunctions; and (iii) maintaining a team of staff for product development.

  • Operational audit is a systematic process involving logical, structured and organized series of procedures.

  • The scope and the coverage of Internal audit are very comprehensive and include Management & Operational audit, Systems audit, Financial audit and Compliance audit.

  • Operational audit may be conducted by internal employees or external auditors with appropriate knowledge in the area.

  • It will also accelerate the dissemination process through the publication of Standing Documents, J Operational audit standardsWe consider that the most rapid, and effective, way of implementing robust privacy impact assessments for RFID implementations is to place some responsibility on the sectors developing application standards.

  • Internal Audit, Management and Operational Audit: Provisions of internal audit as per Companies Act, 2013; Scope of internal auditing; Relationship between internal and external auditor; Basics of Internal Audit Standards issued by the ICAI; Drafting of Internal Audit Report; Management audit and Operational audit.

  • It will generate 2,760 direct jobs and 7,180 indirect jobs during the project operation phase, with estimated earnings of CNY70.78 million or$11.34 million from direct employment and CNY184.02 million or $29.49 million from indirect employment.

  • Operational audit would also check upon compliance with the approved and agreed plans for development and operation of the Port and maintenance of the Port facilities and assets.Excess adjustment towards cost of acquisition: We noticed that the Profit and Loss Account of Dhamra Port for the year 2011-12 showed a gross revenue of` 197.80 crore.


More Definitions of Operational Audit

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 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. 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. Martin County, Florida
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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 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 means the operational audit of the Corporation that is required to be prepared under the operating licence.
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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.

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

  • 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);

  • 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.

  • 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

  • Department compliance officer means an individual who is:

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

  • Environmental and Social Impact Assessment or “ESIA” means a site-specific report, to be prepared in accordance with the parameters laid down in the ESMF (as hereinafter defined) and acceptable to the Association, identifying and assessing the potential environmental and social impacts of the activities to be undertaken for the Project, evaluating alternatives, and designing appropriate mitigation, management, and monitoring measures.

  • Operational Costs means costs and expenses incurred by the Managers on behalf of the Owners to operate and maintain the Vessel including Communication Expenses and EDP Expenses;

  • Compliance Audit means the procedure (in a form advised by the GLA from time to time) by which an auditor independent of the Grant Recipient certifies (at the Grant Recipient's cost) whether the Named Projects developed or Rehabilitated pursuant to this Agreement satisfy the GLA's procedural compliance requirements (as described in the Affordable Housing Capital Funding Guide);