Auditing

Auditing

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

Contributors in Auditing

Auditing

A defect in the design or operation of internal controls. A material weakness is a reportable condition that does not reduce to a relatively low level the risk that material errors or fraud would not ...

Introductory paragraph

Accounting; Auditing

The first paragraph of the auditor's standard report, which identifies the financial statements audited, states the financial statements are the responsibility of management and that the auditor's ...

Inventory tag

Accounting; Auditing

A tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.

Inverse

Accounting; Auditing

The opposite or reverse. An inverse relationship between two variables means that when one increases the other decreases.

Investee

Accounting; Auditing

The company in which an investment is held. Often used to describe an equity method investment, in which the investor reports a share of the investee's net income.