10 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
material
Accounting; Auditing
Information important enough to change an investor's decision. Insignificant information has no effect on decisions, so there is no need to report it. Materiality includes the absolute value and ...
material weakness
Accounting; Auditing
A condition in which internal controls do not reduce to a relatively low level the risk that material errors or fraud may occur and not be detected in a timely period by employees in the normal ...
memos
Accounting; Auditing
Written records supporting journal entries. Credit memos support credits, while debit memos support debit entries.
misstatement
Accounting; Auditing
Stated wrongly or falsely. Untrue financial statement information.
mitigating
Accounting; Auditing
mitigating, -noun ''mitigation'' is reducing the force or intensity, thus making less intense or powerful.
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