Auditing

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

Benford's law

Accounting; Auditing

A mathematic law applying to all kinds of numbers derived from other numbers (such as dollar amount of sales, found by multiplying the quantity sold times with unit price). It holds a 30% of the ...

Audit documentation (working papers)

Are records kept by the auditor of procedures applied, tests performed, information obtained, and pertinent conclusions reached in the engagement. The documentation provides the principal support for ...

Compile

Accounting; Auditing

A compilation is presenting in the form of financial statements information that is the representation of management without expressing assurance. Compilation of a financial projection is assembling ...

Compensating balance

Accounting; Auditing

An offsetting balance. A requirement by some banks that a borrower maintain a minimum balance in a checking or savings account as a condition of a loan. The offsetting balance increases the effective ...

Accounting principles

Accounting; Auditing

Are alternative ways of reporting and disclosing information in financial statements and related footnotes.

Classification

Accounting; Auditing

Arrangement or grouping. Assets and liabilities are normally classified as current or noncurrent.

Competence

Accounting; Auditing

Of an internal audit staff is a function of qualifications, including education, certification, and supervision. Competent audit evidence is valid and reliable.