20 Terms
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Auditing
The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.
Industry: Accounting
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Auditing
Segregation of duties
Accounting; Auditing
Means assigning different people the responsibilities of authorising transactions, recording transactions, and maintaining custody of assets. Segregation of duties reduces the opportunities for one ...
Revenue cycle
Accounting; Auditing
The portion of a company that fills customer orders, accounts for receivables, and collects those receivables.
Supervise
Accounting; Auditing
Supervision is directing efforts of assistants in the audit and determining whether objectives were accomplished. Elements of supervision include instructing assistants, keeping informed of problems, ...
Suppliers
Accounting; Auditing
Provide goods or services to an audited entity. Sometimes called vendors.
Systrust engagements
Accounting; Auditing
A CPA tests a business system for its ability to operate without material error and reports on its reliability.
Test count
Accounting; Auditing
As part of inventory audit procedures auditors normally observe the client's employees counting physical inventory. A test count is inventory counted by the auditors to cheque the client's count.
