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Audit & compliance glossary
50 terms, each defined in plain English with a note on how it actually shows up in an audit.
A
Adverse opinion
Assertion
Attestation
Audit evidence
Audit trail
C
CE marking
Chain of custody
Compensating control
Conformity assessment
Continuous auditing
Control deficiency
Control environment
Control owner
COSO framework
D
Data Protection Impact Assessment
Disclaimer of opinion
E
Essential and important entities
G
Gap assessment
General-purpose AI model
Going concern
H
High-risk AI system
I
Inherent risk
Internal control
M
Management representation letter
Material weakness
Materiality
P
PBC list
Products with digital elements
Q
Qualified opinion
R
Readiness assessment
Records of processing activities
Remediation
Residual risk
Right to be forgotten
Risk appetite
Risk assessment
S
Sampling
Scoping
Segregation of duties
Significant deficiency
SOC 1
SOC 2 Type II
Statement of Applicability
Subprocessor
Substantive testing
T
Test of controls
Three lines of defense
U
Unqualified opinion
W
Walkthrough
Working papers