5 Terms
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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
Update
Accounting; Auditing
If an auditor notices events that affect financial statements on which an audit report has been issued, they are considered when updating the report on the prior statements. If those statements are ...
User auditor
Accounting; Auditing
A "service auditor" is the auditor of an organisation that provides services such as data processing or pension trust administration to other organisations (the users). Auditors of the users (user ...
Validity cheque
Accounting; Auditing
Software control over input of data to a computer system. Data is compared with the type of data properly included in each input field, e.g., only letters in a name field.
Condensed financial statements
Accounting; Auditing
Are presented in considerably less detail than complete financial statements.
Valuation
Accounting; Auditing
An assertion made by management that each asset and liability is recorded at an appropriate carrying value.
Value-added network
Accounting; Auditing
A telecommunications network providing communication facilities, which enhance basic telecommunications services. They add value by passing, storing and converting messages. Also known as service ...
Consignment
Accounting; Auditing
Transfer of possession but not title to goods. Title stays with the consignor, while the consignee has possession.
