Definition of Audit department:
The chief functions of an audit department are to:.
A unit within a company that oversees recordkeeping and accounting functions. The audit department creates and implements procedures and controls to ensure that the finances of a company are managed in accordance with established principles. It also conducts periodic audits to check the accuracy of recordkeeping and accounting and to ensure that procedures and controls are working properly.
An audit department is a unit within a company or organization that is responsible for evaluating operational procedures, risk management, control functions, and governance processes. Reporting internally to the audit committee of the Board of Directors and to senior management, the audit department is supposed to be completely objective and receive no influence or interference from the areas of the company or organization it examines.
Meaning of Audit department & Audit department Definition