Auditing

Auditing

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

Contributors in Auditing

Auditing

An inventory accounting system updated for each addition to inventory and each issuance from inventory, so the records indicate the exact quantity on hand at any moment. The alternative is a periodic ...

Personal financial statements

Accounting; Auditing

Of individuals present assets and liabilities at estimated current value on an individual's balance sheet (statement of financial condition). A statement of changes in net worth presents major ...

Personnel

Accounting; Auditing

The department that maintains records of each individual's employment.

Persuasive

Accounting; Auditing

Having the power to influence. Most audit evidence is persuasive, but not conclusive.

Pervasive

Accounting; Auditing

Having the ability to permeate. An error is pervasive if it is material to more than one of the primary financial statements.

Piecemeal opinion

Accounting; Auditing

Expression of an opinion on an item in financial statements is not permitted as part of a disclaimer or adverse opinion on the financial statements as a whole because it would tend to overshadow or ...

Plan

Accounting; Auditing

Audit planning is developing an overall strategy for conduct and scope of the audit. The nature, extent, and timing of planning vary with size and complexity of the entity, experience with the ...