Auditing

Auditing

The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.

Contributors in Auditing

Auditing

Affect the client and occur between the balance sheet date and issuance of the financial statements. Some such events provide additional evidence about conditions that existed at the balance sheet ...

Subsidiary ledger

Accounting; Auditing

The detailed information that totals to the balance in the general ledger account. The total of all customer accounts receivable included in the subsidiary ledger of accounts receivable is the ...

Substantiated

Accounting; Auditing

Substantiated, supported with proof or evidence, that is proven, thus ''tangible''.

Substantive

Accounting; Auditing

A substantive audit procedure is a direct test of a financial statement balance.

Successor auditor

Accounting; Auditing

The auditor of a client for the current year when that client had another auditor in prior years. The auditor who is no longer the auditor of that client is the predecessor auditor.

Sufficiency

Accounting; Auditing

A measure of the quantity of audit evidence. The independent auditor's objective is to obtain sufficient competent evidence to provide a reasonable basis for forming an opinion.

Computer controls

Accounting; Auditing

Internal controls performed by computer (software controls) as opposed to manual controls. Also means general and application controls over the computer processing of data.