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

treasury stock

Accounting; Auditing

is stock of the corporation that has been issued and later reacquired. It is not an asset. It is a reduction of stockholders' equity. Treasury stock can be recorded at either its cost or its par ...

trend analysis

Accounting; Auditing

An analysis of the change in something over time. Analytical procedures, which compare financial statement ratios of different years, are an example of trend analysis.

trial balance

Accounting; Auditing

A statement of open debit and credit accounts in a ledger to test their equality.

Inventory turnover is a measure of the time from receipt of inventory to its sale. It is found by dividing cost of sales by average inventory. Receivables turnover is a measure of the time it takes ...

unqualified

Accounting; Auditing

An audit opinion that the financial statements are in conformity with U.S. GAAP.

update

Accounting; Auditing

If an auditor notices events that affect financial statements on which an audit report has been issued, they are considered when updating the report on the prior statements. If those statements are ...

user auditor

Accounting; Auditing

A "service auditor" is the auditor of an organization that provides services such as data processing or pension trust administration to other organizations (the users). Auditors of the users (user ...