CPFM Module II
Public Sector Audit and Assurance glossary
Every term this guide defines, A to Z, each with the chapter that teaches it. Open it when a word in a question is unfamiliar, and test yourself on it in the last week: cover the definition and say it in one sentence.
10 terms from the free first chapter
A
- Assurance
The confidence a user can place in a conclusion reached by an independent practitioner, of which an audit is the highest level.
- Audit
An independent examination of financial or operational information to express an opinion on it.
- Audit evidence
The information an auditor gathers to support their conclusions.
- Audit risk
The risk that an auditor expresses an inappropriate opinion when the information is materially misstated.
C
- Compliance audit
Examines adherence to laws, regulations and policies.
F
- Financial (statutory) audit
Examines whether financial statements present a true and fair view.
- Forensic audit
Investigates suspected fraud or financial impropriety (see the chapter on forensic auditing).
I
- Internal audit
An entity's own independent, ongoing assurance and consulting function (see the chapter on internal audit).
M
- Materiality
The threshold at which a misstatement or omission could reasonably influence the decisions of users relying on the information.
P
- Performance audit
Examines economy, efficiency and effectiveness of operations (see performance audits, later in this guide).
The full glossary adds every term from the other 9 chapters, A to Z, each with the chapter that teaches it.