Medicare waives compliance audits for appropriately accredited facilities by granting them deemed status.
What are audits?
- "Independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon" is what is meant by an audit.
- The purpose of auditing is to make sure that a company is keeping its books of accounts in accordance with the law.
- Auditors analyze the claims made in front of them, gather supporting data, then evaluate the claims in their auditing report.
Various stakeholders can receive third-party assurance from audits that the subject matter is free of material misrepresentation. The phrase is most usually used in reference to audits of a legal person's financial records.
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