- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
A paragraph added to an audit report to explain something, such as the reason for a qualified or adverse opinion.
Industry:Accounting
explicitly, is fully and clearly expressed. For ex. an explicit rule
Industry:Accounting
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 more evidence.
Industry:Accounting
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.
Industry:Accounting
first in first out (FIFO), inventory cost flow, cost of inventory.
Industry:Accounting
are prospective financial statements that present expected future financial position, results of operations, and cash flows based on expected conditions. A financial forecast is of the most likely future scenario.
Industry:Accounting
are prospective financial statements that present, given one or more hypothetical assumptions, an entity's expected financial position, results of operations, and changes in financial position. A financial projection includes several alternative scenarios while a forecast is the single most likely scenario.
Industry:Accounting
confirmation request A confirmation sent to the client's bank or other financial institution asking the bank to confirm directly to the auditor information about balances at a particular date.
Industry:Accounting
A schematic representation of a sequence of operations in an accounting system or computer program. Also called a flow diagram or flow sheet.
Industry:Accounting
