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GIAC Glossary of terms

We have provided explanations of some Internal Auditing terms. Please click on a highlighted letter below.

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A Terms

1. Accountability
The structure of conferred responsiblities; the authority delegated to carry out those responsibilities; and reporting on the discharge of those responsiblities.

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2. Audit Charter
A formal written document that defines the Internal Audit Unit?s purpose, authority and responsiblity.

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3. Audit Evidence
The information obtained by internal auditors to support their findings, recommendations and conclusions

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4. Audit Objective
Governed by the scope of the audit engagement, it is a broad statement which defines what the audit assignment must accomplish.

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5. Audit Plan
A high level description of the audit work to be performed in a certain period of time (ordinarily a year) by the internal audit unit.

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6. Audit Procedures/Programmes
Tasks the internal auditor undertakes for collecting, analysing, interpreting, and documenting information during an audit.

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7. Audit Scope
Areas examined, or to be examined, during an audit assignment- locations, functions and activities, aspects of performance, systems and procedures, audit methods and tests.

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8. Audit Trail
The means by which a transaction (such as an accounting transaction e.g. receipt, payment or journal) can be traced from input through to its final resting place in a given business process or system (e.g. accounting system)

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