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

lead schedule

Accounting; Auditing

The schedule at the beginning of audit documentation that summarizes the detailed schedules.

limit test

Accounting; Auditing

(limit check). A computer program step that compares data with predetermined limits as a reasonableness test (hours worked over 60 per week).

liquidity

Accounting; Auditing

The availability of cash or ability to obtain it quickly. Debt paying ability.

lockbox

Accounting; Auditing

speeds the availability of funds from cash collections by reducing the time from the customer mailing the check until the funds are available to spend. Remittances are sent to a bank near the ...

management controls

Accounting; Auditing

management controls are controls on management, controls for giving solutions to management problems.

management representation letter

Accounting; Auditing

A letter addressed to the auditor, signed by the client's chief executive office and chief financial officer. During an audit, management makes many representations to the auditor. Written ...