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Simple English definitions for legal terms
post audit
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A quick definition of post audit:
A post audit is a type of examination that is conducted after a project or activity has been completed. The purpose of this audit is to evaluate how efficiently the funds were spent and to compare the expected cash flow with the actual cash flow. It helps to identify any discrepancies and improve future projects.
A more thorough explanation:
Definition: A post audit is an examination of the financial records of an individual or organization after a project or transaction has been completed. The purpose of a post audit is to assess the efficiency of the funds spent and to compare expected cash-flow estimates with actual cash flows.
Example: A company completes a construction project and hires an auditor to conduct a post audit. The auditor reviews the financial records of the project to determine if the funds were spent efficiently and if the actual cash flows matched the expected cash-flow estimates.
Explanation: The example illustrates how a post audit is conducted after a project has been completed. The auditor reviews the financial records to assess the efficiency of the funds spent and to compare expected cash-flow estimates with actual cash flows. This helps the company to identify any areas where they can improve their financial management in future projects.