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Auditing

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

Contributors in Auditing

Auditing

Aggregate

Accounting; Auditing

Constituting the whole. Aggregate expenses include expenses of all divisions combined for the entire year.

Allowance for doubtful accounts

Accounting; Auditing

A contra asset account with a credit balance used to reduce the carrying amount of accounts receivable to net realisable value. The allowance balance is the estimated total of uncollectible accounts ...

Adjusting entries

Accounting; Auditing

Accounting entries made at the end of an accounting period to allocate items between accounting periods.

Completeness

Accounting; Auditing

Assertions about completeness deal with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and ...

Collateralize

Accounting; Auditing

To pledge property as security (collateral) for a debt.

Attest (attestation) report

Accounting; Auditing

In an attest engagement, a practitioner issues a written conclusion about the reliability of a written assertion that is the responsibility of another party.

Assessed

Accounting; Auditing

Determined. The level of control risk determined by the auditor, based on tests of controls, is the assessed level of control risk.

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