Auditing

Auditing

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

Contributors in Auditing

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 ...

Obliterate

Accounting; Auditing

To do away with something so as to leave no trace.

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 ...