- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
Unless the auditor examines 100% of the population, there is some chance the sample results will mislead the auditor. This risk is sampling error. The larger the sample, the less chance of sampling error and the greater the reliability of the results.
Industry:Accounting
The risk that material error in a balance or transaction class will not be prevented or detected on a timely basis by internal controls.
Industry:Accounting
An officer who supervises financial affairs of an entity. In internal control the controller is often the person with record keeping (general ledger) responsibilities, as contrasted with asset custody, management decision-making, and internal audit functions.
Industry:Accounting
Revealing information. Financial statement footnotes are one way of providing necessary disclosures.
Industry:Accounting
Written or printed paper that bears information that can be used to furnish decisive evidence. Could also be a recording, computer readable information, or a photograph.
Industry:Accounting
The income tax provision (expense) shown on an income statement divided by pretax income. This differs from the statutory rate because of deductions, credits, and exclusions.
Industry:Accounting
Reasonable assurance that the entity’s operational objectives are achieved, that published financial statements are reliably prepared, and applicable laws and regulations are complied with.
Industry:Accounting
Producing a desired outcome. An audit procedure is effective if the evidence supports a correct conclusion.
Industry:Accounting
