Audit is an official examination and verification of financial accounts. It involves checking accuracy and correcting financial records. Audit can refer to thorough examination or evaluation of something. Audited account is an examined and verified financial record
SOX requires annual financial statement audits for companies. Auditors must be impartial and compare past statements with current ones. Audit covers financial statements and internal control management
Established in 1975 as external audit body for European Communities. Comprises one member from each EU member state (27 currently). Currently supported by approximately 800 civil servants. Current President is Tony Murphy (Ireland) since 2022
ARO is a legal obligation for the retirement of tangible long-term assets. Used by companies installing infrastructure assets for future dismantling. Ensures planning and resolution of known future problems
Founded in 1990 in Algiers, registered in Bahrain in 1991. Has members from over 45 countries, including central banks. Includes general assembly, board of trustees, and executive committee
Audit committee oversees financial reporting and independent auditor selection. Required for US publicly traded companies on stock exchanges. Must include at least one independent financial expert. Membership typically ranges from 3 to 6 directors