§ 7A-343.5. Definitions. - North Carolina Statutes

§ 7A‑343.5. Definitions.

The following definitionsapply in this Article:

(1)        "Accountingsystem" means the total structure of records and procedures whichdiscover, record, classify, and report information on the financial positionand operating results of the Judicial Department, or a segment of the JudicialDepartment, or any of its funds, balanced account groups, and organizationalcomponents.

(2)        "Internalauditing" means an independent, objective assurance and consultingactivity designed to add value to and improve an organization's operations.Internal auditing helps an organization accomplish its objectives by using asystematic, disciplined approach to evaluate and improve the effectiveness ofrisk management, controls, and governance processes. The types of audits theinternal auditors may provide include, but are not limited to:

a.         Efficiency oreconomy audits to evaluate areas at risk and require improvements to promoteoperating effectiveness and efficiency, mitigate the risk of liability, and realizeeconomies.

b.         Financial audits todetermine whether financial operations are properly functioning.

c.         Compliance audits orreviews to assess compliance with laws and regulations.

d.         Internal controlaudits to assess the controls related to financial transactions and reporting.

e.         Case file andprocedural audits to ensure efficiency, effectiveness, and compliance.

f.          Performance andmanagement audits entail an objective and systematic examination of evidence toprovide an independent assessment of the performance and management of aprogram against objective criteria as well as assessments that provide aprospective focus or that synthesize information on best practices.

g.         Investigative orfraud audits to make an independent assessment of allegations of fraud, misuse,or process manipulation or alleged violations of federal, State, or local laws. (2009‑516,s. 6.)