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

observe

Accounting; Auditing

(observation) Watch and test a client action (such as taking inventory).

Assertions about occurrence deal with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of ...

online

Accounting; Auditing

Access to a computer for immediate processing without having to wait for a batch of transactions to be processed at a later time.

operating effectiveness

Accounting; Auditing

How an internal control was applied, the consistency with which it was applied, and by whom.

operating income

Accounting; Auditing

from continuing operations is reported on an income statement.

opinion

Accounting; Auditing

A CPA's conclusion held with confidence but not substantiated by positive knowledge or proof.

opinion paragraph

Accounting; Auditing

The paragraph in the audit report that expresses the auditor's conclusions. The wording of the standard, unqualified opinion paragraph is: "In our opinion, the financial statements referred to above ...