Operating like the Internal Affairs unit in a police department, the audit department is a division within a company's financial hierarchy tasked with making sure that the firm's financial results truly match what's going on. The department enacts procedures to make sure accounting gets done according to proper procedures. It also conducts periodic audits to make sure everything remains above board.
The audit department is separate from the independent auditors who periodically come in to look over a company's financial results. If the audit department is the PD's Internal Affairs division, then the outside auditors are the city councilmen who sometimes go with a couple officers on a ride along.
Related or Semi-related Video
Finance: What is a proxy?8 Views
Finance a la Shmoop. What is a proxy? Well it's kind of an approx-i-mate. As in, it's
not exactly the way dogs mate. Not all of them try to text their goodies to each
other. In the land of Finance, a proxy is simply a substitute.
Someone's vote, for example, can be given to another party, who then acts on behalf
of the person, who was going to vote in the first place. But really couldn't care [coffee drive-thru]
less about the outcome, so she went to Dunkin Donuts instead. That's how
most votes are taken in public companies. Proxies are sent out to shareholders, who
then designate their wishes, to then be submitted to an individual, physically
present at the vote, who then you know votes and that's it.
We'll leave you with final warning. Beware of any incoming texts you may get
from a German Shepherd. [Phone with dog text]
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