Operational Audit definition

Operational Audit means an audit whose purpose is to evaluate management’s performance in establishing and maintaining internal controls, including controls designed to prevent and detect fraud, waste, and abuse, and in administering assigned responsibilities in accordance with applicable laws, administrative rules, contracts, grant agreements, and other guidelines. Operational audits must be conducted in accordance with government auditing standards. Such audits examine internal controls that are designed and placed in operation to promote and encourage the achievement of management’s control objectives in the categories of compliance, economic and efficient operations, reliability of financial records and reports, and safeguarding of assets, and identify weaknesses in those internal controls. Section 11.45(1)(i), F.S.

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Operational Audit means a review of the effectiveness, efficiency, and economy of the organizational activities of the Operator, as they relate to the Housing Facility.

Operational Audit means any audit, spot checks or other periodic assessment of the Services, the Contractor Personnel, the Sites and related documents required by the Commission, including but not limited to:

Examples of Operational Audit in a sentence

• Notwithstanding the other provisions of this Section 13, Vendor acknowledges and agrees that (i) a Governmental Authority may require an Operational Audit with or without prior notice to Company or Vendor, and (ii) a Company Customer may require an Operational Audit pursuant to the terms and conditions of the applicable Customer Agreement (collectively, “Third Party Audits”).

• Notwithstanding the previous statement, Provider acknowledges and agrees that a Governmental Authority may require an Audit without prior notice to Customer or Provider and further acknowledges and agrees that Customer may conduct an Operational Audit without Notice following a Security Breach.

• Upon completion of any Operational Audit and upon completion of any Financial Audit (collectively, the “Customer Audits”), Customer shall notify Provider of any deficiencies, significant deficiencies or material weaknesses found as a result of the Customer Audit, and provide Provider with copies of portions of Customer Audit reports reflecting or based upon information obtained from Provider.

• A diary of all reports to the Public Works Advisory Committee, the Operational Audit Committee, and City Council should be kept.

• Such labor does not include normal maintenance requirements, but does cover adjustment of controls, air balancing (provided that air balancing was part of the original scope of work as reflected in the approved Financial-Grade Operational Audit) and correction of mechanical difficulties if such adjustments are due to defective equipment and/or improper installation.

• The Contractor may submit an application for payment for the cost of the Financial-Grade Operational Audit as shown in Schedule E after execution of the contract by the parties.

• Financial Grade Operational Audit Energy savings will be calculated using the applicable unit of energy (kWh, tons of fertilizer, tons of biosolids, etc.) The following table summarizes the value of each of the different types of utility savings that will be used to calculate dollar savings in each year of the Measurement and Verification period.

• All other OCS Measures/ECMs will be operated and maintained by the Contractor in accordance with the plan agreed to in the Financial–Grade Operational Audit.

• The Parties agree that the award and Scope of Work contemplated under this Contract includes the work identified under the Financial-Grade Operational Audit.

• A policy reflecting these practices was created by staff and presented to the Operational Audit Committee in January 2006.

More Definitions of Operational Audit

Operational Audit means a financial-related audit whose purpose is to evaluate management’s performance in administering assigned respon- sibilities in accordance with applicable laws, administrative rules, and other guidelines and to determine the extent to which the internal control, as designed and placed in operation, promotes and encourages the achievement of management’s control objectives in the categories of compliance, economic and efficient operations, reliability of financial records and reports, and safeguarding of assets.

Operational Audit has the meaning given to it in Section 7.01.

Operational Audit. The internal audit objectives included the following: Verified compliance with state and department hiring policies; Verified compliance with grant and contract requirements; Validated accurate timekeeping and payroll functions; Verified accuracy and proper tracking of capitalized inventory; Verified accuracy and proper tracking of supply inventory; and Verified accuracy and appropriateness of employee reimbursements. • Timekeeping: Objectives of this internal audit of fire services included the following: Identified and assessed effectiveness of accounting and administrative controls over timekeeping report and compliance union contract and shift differentials; Determined whether the records and documentation for timekeeping and payroll related items are sufficient to establish an audit trail for all transactions involving employees’ time, pay and deductions.

Operational Audit means the operational audit of the Corporation that is required to be prepared under the operating licence.

Operational Audit means reasonable expenditures incurred by the Borrower to review the eligibility of both Family Representatives and poor children that receive grants; and