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Post-audit

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Definition of Post-audit

Post-audit Image 1

Post-audit

A set of procedures for evaluating a capital budgeting decision after the fact.



Related Terms:

postinvestment audit

the process of gathering information
on the actual results of a capital project and comparing
them to the expected results


Accounting and Auditing Enforcement Release (AAER)

Administrative proceedings or litigation releases that entail an accounting or auditing-related violation of the securities laws.


Audit Committee

A subcommittee of a company's board of directors assigned the responsibility
of ensuring that corporate financial reporting is fair and honest and that an audit is conducted
in a probing and diligent manner.


Auditor's report

A section of an annual report containing the auditor's opinion about the veracity of the
financial statements.


Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees

A committee formed in response to SEC chairman Arthur Levitt's initiative to improve the financial
reporting environment in the United States. In a report dated February 1999, the committee
made recommendations for new rules for regulation of financial reporting in the United States that
either duplicated or carried forward the recommendations of the Treadway Commission.



Configuration audit

A review of all engineering documentation used as the basis
for a manufactured product to see if the documentation accurately represents
the finished product.


Ex post return

Related: Holding period return


Post-audit Image 2

Panel on Audit Effectiveness

A special committee of the Public Oversight Board that was created
to perform a comprehensive review and evaluation of the way independent audits of financial
statements of publicly traded companies are performed. The panel found generally that the
quality of audits is fundamentally sound. The panel did recommend the expansion of audit steps
designed to detect fraud.


Post

Particular place on the floor of an exchange where transactions in stocks listed on the exchange occur.


Posting

The process of taking journal entries and recording them in the general ledger.


Postponement option

The option of postponing a project without eliminating the possibility of undertaking it.


Posttrade benchmarks

Prices after the decision to trade.


quality audit

a review of product design activities (although
not for individual products), manufacturing processes and controls, quality documentation and records, and management philosophy


Trading posts

The posts on the floor of a stock exchange where the specialists stand and securities are traded.



 

 

 

 

 

 

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