SPECIAL AUDIT Meaning and
Definition
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A special audit is a thorough and comprehensive examination of financial statements, accounting records, and other relevant data of an organization conducted for a specific purpose or objective. It is usually carried out by a certified public accountant (CPA) or an external auditor who possesses expertise in the field.
Special audits are typically performed when there are suspicions or indications of fraud, irregularities, material misstatements, or specific concerns regarding an organization's financial affairs. The purpose of a special audit is to provide an independent evaluation and assurance regarding the accuracy, reliability, and compliance of financial reporting processes, controls, and systems. This type of audit is distinct from regular audits, which are performed on a recurring basis as part of normal accounting practice.
During a special audit, the auditor conducts additional procedures, testing, and scrutinizing of financial transactions, internal controls, policies, and procedures to identify any potential issues or improprieties. The auditor assesses compliance with legal requirements, industry standards, and internal guidelines. The audit findings are usually documented in a detailed report that includes observations, recommendations, and conclusions.
The outcomes of special audits serve as a basis for management decisions, legal actions, regulatory interventions, or improvements in internal controls and governance. The objective is to provide stakeholders with a transparent and reliable assessment, enabling them to make informed decisions and address any identified deficiencies or irregularities.
Common Misspellings for SPECIAL AUDIT
- apecial audit
- zpecial audit
- xpecial audit
- dpecial audit
- epecial audit
- wpecial audit
- soecial audit
- slecial audit
- s-ecial audit
- s0ecial audit
- spwcial audit
- spscial audit
- spdcial audit
- sprcial audit
- sp4cial audit
- sp3cial audit
- spexial audit
- spevial audit
- spefial audit
- spedial audit
Etymology of SPECIAL AUDIT
The word "special audit" is composed of two main parts: "special" and "audit".
The term "special" comes from the Latin word "specialis", which means "distinguished" or "specific". It was derived from the Latin word "species", meaning "kind" or "sort". Over time, "specialis" influenced the Old French word "special", which later entered the English language.
The word "audit" originated from the Latin term "audire", which means "to hear" or "to listen". In ancient Rome, auditors were individuals who listened to financial accounts being read aloud to ensure accuracy. The term evolved in Middle English to "audit" and has maintained its core meaning of formal examination or evaluation.
Therefore, the etymology of "special audit" can be understood as a specific or distinctive examination or evaluation of particular financial accounts or records.
