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

quantitative

Accounting; Auditing

Expressed as a number, as opposed to qualitative measurement.

An internal control questionnaire is a list of questions about the internal control system to be answered (with answers such as yes, no, or not applicable) during audit fieldwork. The questionnaire ...

quick ratio

Accounting; Auditing

Quick assets divided by current liabilities. Quick assets are current assets less inventories and prepaid expenses.

random sample

Accounting; Auditing

Identical probability of each population item being selected for a sample. Also, the use of random numbers to select a random sample from a population.

ratio estimation

Accounting; Auditing

In audit sampling a ratio of the proportion of errors in the sample applied to the population value to estimate total error.

ratio

Accounting; Auditing

The relation between two quantities expressed as the quotient of one divided by the other. The ratio of 8 to 2 is written 8/2 and equals four. Financial statement ratios are used in analytical ...

reasonable assurance

Accounting; Auditing

An internal control, no matter how well designed and operated, cannot guarantee that an entity’s objectives will be met because of inherent limitations in all internal control systems.