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

Accounting estimate

Accounting; Auditing

An approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are uncertain pending outcome of future events and relevant data ...

Acceptance sampling

Accounting; Auditing

Sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.

Attribute sampling

Accounting; Auditing

The characteristic tested is a property that has only two possible values (an error exists or it does not).

A combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests. Audit risk includes uncertainties due to sampling ...

Comprehensive basis of accounting

Accounting; Auditing

A complete set of rules other than U.S. GAAP applied to all items in a set of financial statements. Examples include a basis of accounting required by a regulatory agency, a basis of accounting the ...

Approve

Accounting; Auditing

To authorize. A manager authorises a cash payment by signing a voucher providing approval for the disbursement.

Blind trust

Accounting; Auditing

A financial arrangement in which a person avoids possible conflict of interest by transferring financial affairs to a fiduciary who has sole asset management discretion. The person establishing the ...