- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
To give permission for. A manager authorizes a transaction by signing a voucher authorizing the disbursement.
Industry:Accounting
Sending money to someone at a distance. A remittance advice is a paper record of the amount sent, purpose of the payment, and associated account identification.
Industry:Accounting
A contingency with only a slight chance of occurring. In computer processing of information, a distant computer.
Industry:Accounting
The repeating by the auditor of a computation made by the client to check its accuracy.
Industry:Accounting
Matters coming to the auditor's attention that are communicated to the audit committee because they are significant deficiencies in internal control which could adversely affect the ability to record, process, summarize, and report financial data.
Industry:Accounting
A letter from management to the auditor representing that the financial statements are fairly presented. The letter is addressed to the independent auditor, and dated at the date of the auditor's report. It is signed by members of management whom the auditor believes are responsible for, and knowledgeable about, matters covered (chief executive officer and chief financial officer).
Industry:Accounting
A formal written request for something needed. A purchase by a company is initiated internally by a requisition, resulting in the issuance of a purchase order to the outside supplier.
Industry:Accounting
In obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.
Industry:Accounting
A comparison of financial statement amounts with an auditor's expectation. An example is to compare actual interest expense for the year (a financial statement amount) with an estimate of what that interest expense should be. The estimate can be found by multiplying a reasonable interest rate times the average balance of interest bearing debt outstanding during the year (the auditor's expectation). If actual interest expense differs significantly from the expectation, the auditor explains the difference in audit documentation.
Industry:Accounting
