Jurisdiction(s):
United Kingdom

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Key definition

Audit definition

What does Audit mean? In asset-based lending, an audit is the lender’s on-site or desktop review of the borrower’s collateral, records and controls to verify the quality and value of funded assets and the accuracy of borrowing-base reporting. It is distinct from a statutory audit of financial statements under the Companies Acts. “Audit” in this context is a descriptive term used in facility documents (also called a collateral audit, field examination or survey), not one defined by legislation or case law. Audits typically occur pre‑lend and periodically during the facility, or on triggers (e.g. covenant breach, rapid growth or acquisition). Scope usually covers receivables...

Local government audit in Wales: statutory framework, Auditor General’s functions and powers, public rights, performance audit and internal audit obligations

Published by a LexisNexis Local Government expert

Practice notes

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The Auditor General for Wales is responsible for overseeing audits of the accounts of local government bodies in Wales as part of their overall duties for public service audit. The Public Audit (Wales) ACT 2004 (PA(W)A 2004) introduced separate arrangements for local government in Wales, ending the Audit Commission’s role in the principality. However, much of PA(W)A 2004 remained aligned with the local government model set out in the Audit Commission Act 1998, retaining many long-standing special provisions that have applied in local government for many years and that are underpinned by a substantial body of supporting case law, particularly in relation to the auditor’s additional powers to act and the rights of the public under audit. Under PA(W)A 2004, Audit Wales was appointed as the auditor to local government bodies and made use of firms to carry out audit work under delegation. The Public Audit (Wales) Act 2013 (PA(W)A 2013) amended PA(W)A 2004 to make the Auditor General the appointed auditor and to move the model closer to that which applies for central government. Audit work is now undertaken by Audit Wales (and its contracted firms) under delegation from the Auditor General...

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Web page updated on 21/05/2026

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