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

existence

Accounting; Auditing

Assertions about existence deal with whether assets or liabilities exist at a given date. For example, management asserts that finished goods inventories in the balance sheet are available for sale.

expenditure

Accounting; Auditing

expenditure, is cash paid or expenses, of cost for sending, or liability incurred.

explanatory

Accounting; Auditing

A paragraph added to an audit report to explain something, such as the reason for a qualified or adverse opinion.

explicitly

Accounting; Auditing

explicitly, is fully and clearly expressed. For ex. an explicit rule

means to multiply one number by another (to test extensions is to test the accuracy of multiplication done by the client). To extend audit procedures is to apply additional audit procedures to obtain ...

field work

Accounting; Auditing

The performance of audit procedures outside the CPA's office. Much field work, but not all, is done in the client's offices after the balance sheet date.