encyclopedia

AUDIT OBJECTIVES

The specific goals of an audit. These often center around substantiating the existence of internal controls to minimize business risk.

AUDIT PROGRAM

A step-by-step set of audit procedures and instructions that should be performed to complete an audit. The audit program should also be a guide for documenting the various audit steps performed.

AUDIT RISK

The risk that information or financial reports may contain material errors the auditor may not detect.

AUDIT TRAIL

A visible trail of evidence enabling one to trace information contained in statements or reports back to the original input source.