- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
Policies and procedures designed to provide reasonable assurance that specific entity objectives will be achieved. It consists of: the control environment, risk assessment, control activities, information and communications, and monitoring.
Industry:Accounting
A list of questions about the existing internal control system to be answered (with answers such as yes, no, or not applicable) during audit fieldwork. The questionnaire is a part of the documentation of the auditor's understanding of the client's internal controls.
Industry:Accounting
A defect in the design or operation of internal controls. A material weakness is a reportable condition that does not reduce to a relatively low level the risk that material errors or fraud would not be detected in a timely manner by employees in the normal course of their duties.
Industry:Accounting
The first paragraph of the auditor's standard report, which identifies the financial statements audited, states the financial statements are the responsibility of management and that the auditor's responsibility is to express an opinion on the financial statements based on the audit.
Industry:Accounting
A tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.
Industry:Accounting
The opposite or reverse. An inverse relationship between two variables means that when one increases the other decreases.
Industry:Accounting
The company in which an investment is held. Often used to describe an equity method investment, in which the investor reports a share of the investee's net income.
Industry:Accounting
A book of original entry in a double-entry system. The journal lists all transactions and the accounts to which they are posted.
Industry:Accounting
An inventory system that attempts to minimize inventory costs that do not add value for the customer. It arranges for suppliers to deliver small quantities of raw materials just before those units are needed in production. Storing, insuring, and handling raw materials are costs that add no value to the product, and are minimized in a just in time system.
Industry:Accounting
