Dictionary of Accounting Terms: authority
authority
power to direct and exact performance from others. It includes the right to prescribe the means and methods by which work will be done. However, the authority to direct is only as good as one individual's willingness to accept direction from another. Moreover, with authority comes responsibility and accountability.
Dictionary of Business Terms: authority
authority
- power over others by sanctioned personnel within an organization. Managers have the authority to hire and fire personnel in an organization. With authority comes responsibility for one's actions.
- a government corporation or agency that administers a public enterprise.
