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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
Nonsampling risk
Accounting; Auditing
Is audit risk not due to sampling. An auditor may apply a procedure to all transactions or balances and fail to detect a material misstatement. Nonsampling risk includes the possibility of selecting ...
Objectivity
Accounting; Auditing
The internal auditors' objectivity depends on the organisational status of the internal audit function, whether the internal auditor has direct access and reports regularly to the board, the audit ...
Obligations
Accounting; Auditing
Assertions about obligations deal with whether liabilities are obligations of the entity at a given date. For example, management asserts that amounts capitalised for leases in the balance sheet ...
Observe
Accounting; Auditing
(observation) Watch and test a client action (such as taking inventory).
Occurrence
Accounting; Auditing
Assertions about occurrence deal with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of ...
Online
Accounting; Auditing
Access to a computer for immediate processing without having to wait for a batch of transactions to be processed at a later time.
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