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

validity check

Accounting; Auditing

Software control over input of data to a computer system. Data is compared with the type of data properly included in each input field, e.g., only letters in a name field.

condensed financial statements

Accounting; Auditing

are presented in considerably less detail than complete financial statements.

valuation

Accounting; Auditing

An assertion made by management that each asset and liability is recorded at an appropriate carrying value.

inspect

Accounting; Auditing

As an audit procedure, to scrutinize or critically examine a document. As part of a CPA firm's quality control system, to monitor the effectiveness of the system.

integrated test facility

Accounting; Auditing

A "dummy" unit (e.g., a department or employee) is established. Test (fictitious) transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed ...