N.Y. Comp. Codes R. & Regs. Tit. 10 § 441.34 - Audit
(a) The examination
of contracts, orders and other original documents for the purpose of
substantiating individual transactions before their settlement.
(b) Any systematic investigation or appraisal
of procedures or operations for the purpose of determining conformity with
prescribed criteria; the work performed by an internal auditor.
(c) Auditing. An exploratory, critical review
by a public accountant of the underlying internal controls and accounting records
of a business enterprise or other economic unit, precedent to the expression by
him of an opinion of the propriety ("fairness") of its financial
statements.
Notes
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