audit cycle

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audit cycle

The periodic performance of clinical audits after identifying appropriate topics, setting standards, measuring current practice against these standards, assessing recommendations, and implementing change. The cycle is often repeated to ensure change has indeed occurred and improvement is maintained.
References in periodicals archive ?
* Reducing costs associated with multiple audit cycles, which require prep, hosting, and post-audit analysis, which can accumulate to millions of dollars in staffing costs
Meanwhile, within each audit cycle, the total security risk which can be caused by the exceptional authorizations related to each single requester [x.sub.*] is limited below his credit value [mathematical expression not reproducible] (the value at the beginning of the audit cycle).
Planning Phase Control Phase 4.5-6.5 months 1.5-2.5 months Auditor Submit Provided By Client Perform walk-thrus of key Roles (PBC) requests to seek business processes and explanatory information to internal controls; Identify key familiarize with the Navy management and system universe; Develop an audit controls plan BSO Respond to PBC requests-- Facilitate the review of Roles this will continue through- internal controls and out the audit cycle processes to include MIC, (Auditor use of the PERM ICOFR, System Access & file will reduce the volume User Provisioning, etc.
With regard to the timing of the discharge summary, this was found to have significantly improved from the previous audit cycle. For example, the timing between discharge and dictation (within 7 days) has increased from 30% to 73% and almost all discharge summaries are dictated no later than 3 weeks.
With longer audit cycles becoming increasingly common, it is critical to retain detailed records for a longer period of time, particularly for acquired or sold business operations.
In this time period, there were thirteen full audit cycles to compare amongst the nine universities.
In prior audit cycles, the adjustments were not reviewed until the end of the audit cycle; if there were any questions, we encountered problems supplying information on an issue thought to be resolved.
Lengthy audit cycles are another audit concern, with nearly 80 percent reporting that their average cycle time is three months or more per audit.
Indemnity survival periods may be somewhat shorter, but still tend to cover one or two audit cycles; "baskets" have been ranging between 0.5-1 percent of transaction value; and caps are in the 10 percent to 50 percent range.
Although the Accountability of Tax Dollars Act of 2002 requires the Commission--along with certain other executive agencies--to have its financial statements independently audited annually, the Commission has been granted a waiver by the Office of Management and Budget (OMB) from compliance with the financial statement preparation and audit requirements of the act for the fiscal years 2002 and 2003 audit cycles, which OMB was authorized to waive during an initial transition period of up to 2 years.
Also, businesses' audit cycles may be extended from two-year to three-year cycles.

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