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

Hardware

Accounting; Auditing

A computer and associated physical equipment involved in data processing or communications functions as opposed to software (the computer programmes that provide instructions the computer follows).

Hardware control

Accounting; Auditing

Computer controls built into physical equipment by the manufacturer.

Hash total

Accounting; Auditing

A control total that has no meaning in itself except for control, e.g., total social security numbers of employees paid.

Protect an entity against the risk of adverse price or interest-rate movements on its assets, liabilities, or anticipated transactions. A hedge avoids or reduces risk by counterbalancing losses with ...

Immaterial

Accounting; Auditing

Of no importance. Something in financial statements that will not change decisions of investors.

Incompatible duties

Accounting; Auditing

Internal control systems rely on separation of duties to reduce the chance of errors or fraud. Duties are incompatible if they should be separated for control. For example, one person should not be ...

Incorrect acceptance

Accounting; Auditing

The risk of incorrect acceptance is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.