- Industria: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
The potential effectiveness of an entity's internal control is subject to inherent limitations. Human fallibility, collusion, and management override are examples.
Industry:Accounting
The susceptibility of a balance or transaction class to error that could be material, when aggregated with other errors, assuming no related internal controls.
Industry:Accounting
Computer controls designed to provide reasonable assurance that transactions are properly authorized before processed by the computer, accurately converted to machine readable form and recorded in the computer, that data files and transactions are not lost, added, duplicated or improperly changed, and that incorrect transactions are rejected, corrected and, if necessary, resubmitted on a timely basis.
Industry:Accounting
inquire : ask questions of client staff, noun is inquisition (ex. Holy Inquisition in Middle Ages)
Industry:Accounting
As an audit procedure, to scrutinize or critically examine a document. As part of a CPA firm's quality control system, to monitor the effectiveness of the system.
Industry:Accounting
A "dummy" unit (e.g., a department or employee) is established. Test (fictitious) transactions are posted to the dummy unit during the normal processing cycle. If test transactions are processed correctly that provides evidence that transactions of other units are processed correctly as well.
Industry:Accounting
Consistent adherence to an ethical code. If client management lacks integrity the auditor must be more skeptical than usual.
Industry:Accounting
are done during the year under audit, before year-end.
Industry:Accounting
is financial statements of a time period less than a full year.
Industry:Accounting
are employees of the client responsible for providing analyses, evaluations, assurances, recommendations, and other information to the entity's management and board. An important responsibility of internal auditors is to monitor performance of controls.
Industry:Accounting
