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 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.
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Operational audit has the meaning given to it in Section 7.01.
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Examples of Operational audit in a sentence

  • This Section 1.4, Operational Audit, is not intended to require ERCOT to create any new records, reports, studies, or evaluations.

  • The rights of Market Participants to audit ERCOT are limited to the provisions in this Section 1.4, Operational Audit.

  • The rights of Market Participants to audit ERCOT are limited to the provisions in Section 1.4, Operational Audit.

  • The Company’s internal audit focuses on Management / Operational Audit through transaction validation on value additions, systems improvement, and statutory compliances.

  • The Operational Audit Committee reports to the Board and is charged to conduct operational audits, review and other investigations as the Board deems necessary to assure the Board that resources and assets are used efficiently and effectively to realize the goals of the Local.

  • ISO 27002 REFERENCES10.1.1 Documented operating procedures10.1.2 Change management 040510 Monitoring Operational Audit Logs Purpose: To detect unauthorized activity and to protect the integrity and availability of information systems by monitoring operational audit logs.

  • Operational Audit involves examination of all operations and activities of the entity.

  • The overall cost of TRD development is to a great extent related to the current rating, a 1000A TRD would cost 30-40% more to develop compared to the existing resistive TRD type.

  • Independence is achieved via the reporting arrangements within the Council and the line management of the Operational Audit Manager.

  • State of Florida Auditor General’s Operational Audit of the Department of Management Services Florida State Employees’ Charitable Campaign Report No. 2016-194.


More Definitions of Operational audit

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.
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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:
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Operational audit means the operational audit of the Corporation that is required to be prepared under the operating licence.
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Operational audit means a type of audit to examine and evaluate the economic nature, efficiency and effectiveness in the management and use of state budget, money and property.
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Operational audit means reasonable expenditures incurred by the Borrower to review the eligibility of both Family Representatives and poor children that receive grants; and
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Related to Operational audit

  • Initial Audit is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with results satisfactory to Bank in its sole and absolute discretion.

  • Environmental Audit means a Phase One environmental site assessment (the scope and performance of which meets or exceeds ASTM Standard Practice E1527-93 Standard Practice for Environmental Site Assessments: Phase One Environmental Site Assessment Process) of the Property, and, if called for by the Phase One assessment, a Phase Two environmental site assessment.

  • conformity assessment body means a body that performs conformity assessment activities including calibration, testing, certification and inspection;

  • Review Officer means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by Access Persons. The term “Alternative Review Officer” means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser.

  • Medical Review Officer (MRO means a licensed M.D. or D.O. with knowledge of drug abuse disorders, employed or used by the City to review drug results in accordance with this procedure.

  • conformity assessment means the process demonstrating whether the requirements of this Regulation relating to a device have been fulfilled;

  • Commercial Operations Upon satisfaction of the following conditions, the Facility shall be considered to have achieved Commercial Operations on the Day specified in Seller's written notice described below: (i) the Acceptance Test has been passed, (ii) all generating units have passed Control System Acceptance Tests, (iii) the Transfer Date has occurred, (iv) Seller has (1) provided to Company the Required Models (as defined in Section 6(a) (Seller's Obligation to Provide Models) of Attachment B (Facility Owned by Seller)) in the form of Source Code, (2) placed the current version of the Source Code for the Required Models with the Source Code Escrow Agent as required in Section 6(b)(i)(A) (Establishment of Source Code Escrow) of Attachment B (Facility Owned by Seller), or (3) if Seller is unable to arrange for the placement of the appropriate Source Code into the Source Code Escrow account, placed the required funds with the Monetary Escrow Agent as required in Section 6(b)(ii)(A) (Establishment of Monetary Escrow) of Attachment B (Facility Owned by Seller), and (v) Seller provides Company with written notice that (aa) Seller is ready to declare the Commercial Operations Date and (bb) the Commercial Operations Date will occur within 24 hours (i.e., the next Day).

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Medical Review Officer (MRO) means a licensed physician responsible for receiving and reviewing laboratory results generated by the school district’s drug testing program and for evaluating medical explanations for certain drug tests.

  • Accounting Officer clause 65;

  • Impact Assessment has the meaning given to it in Clause 22.1.3 (Variation Procedure);

  • Medical assessment means an assessment of a patient’s medical condition secured by our Assistance Company working in conjunction with the Medical Evacuation Provider’s medical director and in collaboration with the attending physician. The Assistance Company in collaboration with the Medical Evacuation Provider, will utilize the assessment to determine at its sole discretion whether a Plan Holder is fit to fly; the most appropriate means to provide medical evacuation; the medical personnel who will be accompanying the patient on the transport; and to confirm the medical facility closest to one’s home can meet their medical needs. If the patient’s medical facility of choice is unable to provide the high level of medical care required by the patient, arrangements will be made to transport the patient to the appropriate medical facility closest to their home, or closest to patient's preferred medical facility in the US when possible.

  • Neutral Auditor means Ernst & Young or, if Ernst & Young is unable to serve, an impartial nationally recognized firm of independent certified public accountants other than Seller’s accountants or Purchaser’s accountants, mutually agreed to by Purchaser and Seller.

  • Operational Control means Security monitoring, adjustment of generation and transmission resources, coordinating and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Balancing Authority Areas and Reliability Coordinators, voltage reductions and load shedding, except that each legal owner of generation and transmission resources continues to physically operate and maintain its own facilities.

  • Operations Manager means each of the Company and Provider payroll, benefits and information technology representatives on the Operations Management Team as identified in Section 6.0 below.

  • Project Management Report means each report prepared in accordance with Section 4.02 of this Agreement;

  • Initial Operation means the first integral operation of the complete equipment covered under the Contract with the sub-system and supporting equipment in service or available for service.

  • Public safety officer means a member serving a public

  • Department compliance officer means an individual who is:

  • Environmental Consultant has the meaning set forth in Section 5.17(a).

  • In operation means engaged in activity related to the primary design function of the source.

  • Operational Costs means costs and expenses incurred by the Managers on behalf of the Owners to operate and maintain the Vessel including Communication Expenses and EDP Expenses;

  • Phase I assessment as described in, and meeting the criteria of, (i) Chapter 5 of the FNMA Multifamily Guide or any successor provisions covering the same subject matter in the case of a Specially Serviced Mortgage Loan as to which the related Mortgaged Property is multifamily property or (ii) the American Society for Testing and Materials in the case of Specially Serviced Mortgage Loan as to which the related Mortgaged Property is not multifamily property.

  • Due Diligence Examination shall have the meaning set forth in Section 3.2.

  • Phase I Environmental Assessment A “Phase I assessment” as described in, and meeting the criteria of, the ASTM, plus a radon and asbestos inspection.

  • Information Officer means the Person acting on behalf of the Company and discharging the duties and responsibilities assigned to the Head of the Private Body by the Act. The Information Officer is duly authorised to act as such and such authorisation has been confirmed in writing by the Head of the Private Body.