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Chief audit executive, the Glossary

The chief audit executive (CAE), director of audit, director of internal audit, auditor general, or controller general is a high-level independent corporate executive with overall responsibility for internal audit.^[1]

63 relations: Accountant, Accounting, Accounting standard, Assurance services, Audit, Audit committee, Audit plan, Audit risk, Auditor, Auditor general, Benchmarking, Board of directors, Budget, Budget process, Career, Certification, Certified Public Accountant, Chair (officer), Chief executive officer, Communication rights, Comptroller, Consultant, Corporate governance, Corporation, Director general, Discipline, Dismissal (employment), Employment, Engagement letter, Evaluation, External auditor, Financial audit, Financial statement, Generally Accepted Auditing Standards, Governance, Information technology audit, Inspection, Institute of Internal Auditors, Internal audit, Internal auditor, Internal control, International Organization of Supreme Audit Institutions, International standard, International Standards on Auditing, ISA 310 Knowledge of the Business, Jurisdiction, Lead auditor, Management, Management accounting, Public company, ... Expand index (13 more) »
Corporate titles
Internal audit

Accountant

An accountant is a practitioner of accounting or accountancy.

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Accounting

Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations.

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Accounting standard

Publicly traded companies typically are subject to rigorous standards.

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Assurance services

Assurance service is an independent professional service, typically provided by Chartered or Certified Public Accountants or Chartered Certified Accountants, with the goal of improving information or the context of information so that decision makers can make more informed, and presumably better, decisions.

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Audit

An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.

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Audit committee

An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external. Chief audit executive and audit committee are corporate governance.

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Audit plan

Audit planning is a vital area of the, primarily conducted at the beginning of audit process, to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and work is properly coordinated.

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Audit risk

Audit risk (also referred to as residual risk) as per ISA 200 refers to the risk that the auditor expresses an inappropriate opinion when the financial statements are materiality misstated.

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Auditor

An auditor is a person or a firm appointed by a company to execute an audit.

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Auditor general

An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations.

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Benchmarking

Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.

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Board of directors

A board of directors is an executive committee that supervises the activities of a business, a nonprofit organization, or a government agency. Chief audit executive and board of directors are corporate governance.

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Budget

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month.

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Budget process

A budget process refers to the process by which governments create and approve a budget, which is as follows.

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Career

A career is an individual's metaphorical "journey" through learning, work and other aspects of life.

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Certification

Certification is part of testing, inspection and certification and the provision by an independent body of written assurance (a certificate) that the product, service or system in question meets specific requirements.

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Certified Public Accountant

Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world.

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Chair (officer)

The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly.

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Chief executive officer

A chief executive officer (CEO) (chief executive (CE), or managing director (MD) in the UK) is the highest officer charged with the management of an organization especially a company or nonprofit institution. Chief audit executive and chief executive officer are corporate titles.

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Communication rights

Communication rights involve freedom of opinion and expression, democratic media governance, media ownership and media control, participation in one's own culture, linguistic rights, rights to education, privacy, assemble, and self-determination.

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Comptroller

A comptroller (pronounced either the same as controller or as) is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization.

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Consultant

A consultant (from consultare "to deliberate") is a professional (also known as expert, specialist, see variations of meaning below) who provides advice or services in an area of specialization (generally to medium or large-size corporations).

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Corporate governance

Corporate governance are mechanisms, processes and relations by which corporations are controlled and operated ("governed").

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Corporation

A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.

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Director general

A director general or director-general (plural: directors general, directors-general, director generals or director-generals) is a senior executive officer, often the chief executive officer, within a governmental, statutory, NGO, third sector or not-for-profit institution. Chief audit executive and director general are corporate governance.

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Discipline

Discipline is the self-control that is gained by requiring that rules or orders be obeyed, and the ability to keep working at something that is difficult.

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Dismissal (employment)

Dismissal (colloquially called firing) is the termination of employment by an employer against the will of the employee.

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Employment

Employment is a relationship between two parties regulating the provision of paid labour services.

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Engagement letter

An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s).

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Evaluation

In common usage, evaluation is a systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards.

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External auditor

An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited.

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Financial audit

A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria.

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Financial statement

Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.

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Generally Accepted Auditing Standards

Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged.

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Governance

Governance is the overall complex system or framework of processes, functions, structures, rules, laws and norms borne out of the relationships, interactions, power dynamics and communication within an organized group of individuals which not only sets the boundaries of acceptable conduct and practices of different actors of the group and controls their decision-making processes through the creation and enforcement of rules and guidelines, but also manages, allocates and mobilizes relevant resources and capacities of different members and sets the overall direction of the group in order to effectively address its specific collective needs, problems and challenges.

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Information technology audit

An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure and business applications.

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Inspection

An inspection is, most generally, an organized examination or formal evaluation exercise.

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Institute of Internal Auditors

The Institute of Internal Auditors (IIA) is an international professional association. Chief audit executive and Institute of Internal Auditors are internal audit.

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Internal audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

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Internal auditor

An internal auditor is an auditor who is appointed by the Board of directors of the company in order to carry out the internal audit function. Chief audit executive and internal auditor are internal audit.

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Internal control

Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. Chief audit executive and Internal control are internal audit.

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International Organization of Supreme Audit Institutions

The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions.

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International standard

An international standard is a technical standard developed by one or more international standards organizations.

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International Standards on Auditing

International Standards on Auditing (ISA) are professional standards for the auditing of financial information.

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ISA 310 Knowledge of the Business

ISA 310 Knowledge of the Business was one of the International Standards on Auditing. Chief audit executive and ISA 310 Knowledge of the Business are internal audit.

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Jurisdiction

Jurisdiction (from Latin juris 'law' + dictio 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice.

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Lead auditor

Most publicly traded corporations typically have an internal auditing department, led by a chief audit executive ("CAE"), with lead internal auditors managing small teams of internal auditors for one audit engagement. Chief audit executive and lead auditor are internal audit.

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Management

Management (or managing) is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively.

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Management accounting

In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.

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Public company

A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets.

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Quality (business)

In business, engineering, and manufacturing, quality – or high quality – has a pragmatic interpretation as the non-inferiority or superiority of something (goods or services); it is also defined as being suitable for the intended purpose (fitness for purpose) while satisfying customer expectations.

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Quality assurance

Quality assurance (QA) is the term used in both manufacturing and service industries to describe the systematic efforts taken to assure that the product(s) delivered to customer(s) meet with the contractual and other agreed upon performance, design, reliability, and maintainability expectations of that customer.

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Regulation

Regulation is the management of complex systems according to a set of rules and trends.

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Regulatory compliance

In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Chief audit executive and Regulatory compliance are corporate governance.

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Risk analysis (business)

Risk analysis is the process of identifying and assessing risks that may jeopardize an organization's success.

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Risk assessment

Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events.

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Risk management

Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

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Risk-based auditing

Risk-based auditing is a style of auditing which focuses upon the analysis and management of risk.

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Senior management

Senior management, executive management, or upper management is an occupation at the highest level of management of an organization, performed by individuals who have the day-to-day tasks of managing the organization, sometimes a company or a corporation.

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Statutory auditor

Statutory auditor is a title used in various countries to refer to a person or entity with an auditing role, whose appointment is mandated by the terms of a statute.

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Strategy

Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship") is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty.

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Supervisor

A supervisor, or lead, (also known as foreman, boss, overseer, facilitator, monitor, area coordinator, line-manager or sometimes gaffer) is the job title of a lower-level management position and role that is primarily based on authority over workers or a workplace.

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Tone at the top

"Tone at the top" is a term that originated in the field of accounting and is used to describe an organization's general ethical climate, as established by its board of directors, audit committee, and senior management.

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References

[1] https://en.wikipedia.org/wiki/Chief_audit_executive

Also known as Chief audit officer, Director of audit.

, Quality (business), Quality assurance, Regulation, Regulatory compliance, Risk analysis (business), Risk assessment, Risk management, Risk-based auditing, Senior management, Statutory auditor, Strategy, Supervisor, Tone at the top.

Chief audit executive, the Glossary

Table of Contents

See also

Corporate titles

Internal audit

References