- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
Of an internal audit staff is a function of qualifications, including education, certification, and supervision. Competent audit evidence is valid and reliable.
Industry:Accounting
An approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.
Industry:Accounting
Sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.
Industry:Accounting
The characteristic tested is a property that has only two possible values (an error exists or it does not).
Industry:Accounting
A combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests. Audit risk includes uncertainties due to sampling (sampling risk) and to other factors (nonsampling risk).
Industry:Accounting
A complete set of rules other than U.S. GAAP applied to all items in a set of financial statements. Examples include a basis of accounting required by a regulatory agency, a basis of accounting the entity uses for its income tax return and the cash receipts and disbursements basis.
Industry:Accounting
To authorize. A manager authorises a cash payment by signing a voucher providing approval for the disbursement.
Industry:Accounting
A financial arrangement in which a person avoids possible conflict of interest by transferring financial affairs to a fiduciary who has sole asset management discretion. The person establishing the trust also gives up the right to information regarding the assets.
Industry:Accounting
Constituting the whole. Aggregate expenses include expenses of all divisions combined for the entire year.
Industry:Accounting
A contra asset account with a credit balance used to reduce the carrying amount of accounts receivable to net realisable value. The allowance balance is the estimated total of uncollectible accounts included in accounts receivable.
Industry:Accounting
