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Published by Hanoody
Internal Audit Terminology
Internal Audit Terminology

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Published by: Hanoody on Apr 24, 2009
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Internal AuditInternal AuditTerminologyTerminology
Glossary of TermsGlossary of Terms
repared by: Sharifa A Qatter 
 
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Activity Reports
Activity Reports of the Internal Audit department highlight significant audit findingsand recommendations and inform senior management and the board of anysignificant deviations from approved audit work schedules, staffing plans, andfinancial budgets, and the reasons for them.
Add Value
Organizations exist to create value or benefit to their owners, other stakeholders,customers, and clients. This concept provides purpose for their existence. Value isprovided through their development of products and services and their use of resources to promote those products and services. In the process of gathering data tounderstand and assess risk, internal auditors develop significant insight intooperations and opportunities for improvement that can be extremely beneficial totheir organization. This valuable information can be in the form of consultation,advice, written communications, or through other products all of which should beproperly communicated to the appropriate management or operating personnel.
Adequate Control 
Adequate Control is present if management has planned and organized (designed) ina manner which provides reasonable assurance that the organization's objectives andgoals will be achieved efficiently and economically.
 
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Analytical Review 
Analytical review includes the examination of ratios, trends and changes in balancesand other values between periods to obtain a broad understanding of theOrganization’s financial or operational position and identify areas that may requirefurther or closer investigation. Usually, this technique is used when planning thescope of audit assignments.
Appreciation
It means the ability to recognize the existence of problems or potential problems andto determine the further research to be undertaken or the assistance to be obtained.
Assurance Services
An objective examination of evidence for the purpose of providing an independentassessment on risk management, control, or governance processes for theorganization. Examples may include financial, performance, compliance, systemsecurity, and due diligence engagements.
Audit Objectives
Audit Objectives are broad statements developed by internal auditors and defineintended audit accomplishments. Audit objectives are accomplished in accordance

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