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

disclosure

Accounting; Auditing

Revealing information. Financial statement footnotes are one way of providing necessary disclosures.

discovery sampling

Accounting; Auditing

Acceptance sampling (sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate) when the expected attribute occurrence rate is zero.

document

Accounting; Auditing

Written or printed paper that bears information that can be used to furnish decisive evidence. Could also be a recording, computer readable information, or a photograph.

If a major event comes to the auditor's attention between the report date and issuance of the report, the financial statements may include the event as an adjustment or disclosure. The auditor dual ...

dual-purpose test

Accounting; Auditing

Audit procedures are classified as substantive tests or tests of controls. If a procedure provides both types of evidence it is a dual-purpose test.

edit

Accounting; Auditing

check Reasonableness, validity, limit, and completeness tests that are programmed routines designed to check input data and processing results for completeness, accuracy and reasonableness.

effective income tax rate

Accounting; Auditing

The income tax provision (expense) shown on an income statement divided by pretax income. This differs from the statutory rate because of deductions, credits, and exclusions.