New to internal audits or about to start another audit cycle?
Brush up on your internal audit terminology with this glossary of key terms you need to know:
Integrated computer programs designed for a specific purpose
A description and schedule of audits to be performed over a certain period of time (typically three years); includes areas to be audited, type and scope of work, and high-level objectives
Policies and procedures that govern the audit process
A document approved by the board of directors that defines responsibility, authority, and accountability for IT and audit functions
Methods that preserve the integrity of important information, meet operational or financial targets, and/or communicate management policies (See also: Key Control, Secondary Control, Tertiary Control)
Processes and structures implemented to communicate, manage, and monitor organizational activities
The influence and effect of a risk
A primary control that is essential for a business process; typically takes place during the process it applies to
The probability of a risk occurring (See also: Risk)
A potential event or action that would have an adverse effect on the organization
An important control that typically takes place after the process it applies to (i.e., reporting or ongoing monitoring)
A non-essential control that can still be applied effectively to a business process
Documents that summarize and record all the activities and evidence obtained during an audit or investigation
Learn more about how Quantivate’s Internal Audit Software can help standardize and streamline the entire audit lifecycle.