- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
The control environment is the attitude, awareness, and actions of the board, management, owners, and others about importance of control. It includes integrity and ethical rules, commitment to competence, board or audit committee participation, organization structure, assignment of authority and responsibility, and human resource policies and practices.
Industry:Accounting
Unintentional misstatements or omissions in financial statements. Errors may involve mistakes in gathering or processing accounting data, incorrect estimates from oversight or misinterpretation of facts, and mistakes in application of principles relating to amount, classification, presentation or disclosure.
Industry:Accounting
is sampling to estimate the actual value of a population characteristic within a range of tolerable misstatement.
Industry:Accounting
(evidential matter) includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.
Industry:Accounting
is evaluating the preparation of prospective statements, support underlying assumptions, and presentation. The accountant reports whether, in his or her opinion, the statements conform to AICPA guidelines and assumptions provide a reasonable basis for the responsible party's forecast. The accountant should be independent, proficient, plan the engagement, supervise assistants, and obtain sufficient evidence to provide a reasonable basis for the report.
Industry:Accounting
A qualified opinion. An auditor can qualify the audit opinion for both departures from U.S. GAAP in the financial statements and restrictions on the scope of the audit. The opinion paragraph of the qualified report is worded "In our opinion, except for..."
Industry:Accounting
(execution) To carry out an internal control procedure, such as to sign and mail a check after inspecting supporting documents.
Industry:Accounting
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.
Industry:Accounting
expenditure, is cash paid or expenses, of cost for sending, or liability incurred.
Industry:Accounting
