- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
(qualify) An audit opinion that the financial statements as a whole are presented in conformity with U.S. GAAP, with the exceptions noted.
Industry:Accounting
Relating to the quality of a trait, as opposed to quantitative, which means expressed as a number.
Industry:Accounting
provide a CPA firm with reasonable assurance that personnel comply with professional standards and the firm's standards of quality, independence, integrity, and objectivity. It covers personnel management, acceptance and continuance of clients, engagement performance, and monitoring.
Industry:Accounting
An internal control questionnaire is a list of questions about the internal control system to be answered (with answers such as yes, no, or not applicable) during audit fieldwork. The questionnaire is part of the audit documentation of the auditor's understanding of the client's internal controls.
Industry:Accounting
Quick assets divided by current liabilities. Quick assets are current assets less inventories and prepaid expenses.
Industry:Accounting
Identical probability of each population item being selected for a sample. Also, the use of random numbers to select a random sample from a population.
Industry:Accounting
In audit sampling a ratio of the proportion of errors in the sample applied to the population value to estimate total error.
Industry:Accounting
The relation between two quantities expressed as the quotient of one divided by the other. The ratio of 8 to 2 is written 8/2 and equals four. Financial statement ratios are used in analytical procedures in audits.
Industry:Accounting
An internal control, no matter how well designed and operated, cannot guarantee that an entity’s objectives will be met because of inherent limitations in all internal control systems.
Industry:Accounting
