20 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
Sample size
Accounting; Auditing
The number of population items selected when a sample is drawn from a population.
Sampling error
Accounting; Auditing
Unless the auditor examines 100% of the population, there is some chance the sample results will mislead the auditor. This risk is sampling error. The larger the sample, the less chance of sampling ...
Specialist
Accounting; Auditing
An expert at activities not usually done by auditors (such as an appraiser for valuation).
Sampling risk
Accounting; Auditing
The possibility that conclusions drawn from the sample may not represent correct conclusions for the entire population.
Statements on standards for accounting and review services (SSARS)
Accounting; Auditing
Pronouncements concerning unaudited financial information of a nonpublic entity issued by the AICPA Accounting and Review Services Committee.
Scope
Accounting; Auditing
The type of engagement. The scope of an engagement might be a review, an audit, or a compilation. A scope limitation is a restriction on the evidence the auditor can gather.
Standard deviation
Accounting; Auditing
A statistic used to measure dispersion equal to the square root of the arithmetic mean of the squares of the deviations from the arithmetic mean.
