Auditing

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

In the black

Accounting; Auditing

A slang phrase referring to a company that will have enough revenue to cover operating expenses.

Inactive inventory

Accounting; Auditing

Stock of items not sold or used within a certain period.

In-process goods

Accounting; Auditing

This term refers to semi-finished or unfinished goods.

Profits generated from regular business operations. Barring changes in outside circumstances, the average income from operations in past years is often assumed to be a fairly reliable indicator of ...

Incompatible duties

Accounting; Auditing

A concept relating to separation of duties, a control method in business and accounting used to prevent fraud and limit the consequences of errors. Separation of duties means that more than one ...

Incorrect rejection

Accounting; Auditing

A type of sampling risk associated with auditing compliance and effectiveness of control procedures for a business or organization. Incorrect rejection means that the auditor may decide a certain ...

Incorrect acceptance

Accounting; Auditing

One of the types of sampling risk that must be considered by auditors when choosing a sample size for a control audit. Incorrect acceptance means that the auditor may mistakenly judge a particular ...