- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
Computer controls built into physical equipment by the manufacturer.
Industry:Accounting
A control total that has no meaning in itself except for control, e.g., total social security numbers of employees paid.
Industry:Accounting
protect an entity against the risk of adverse price or interest-rate movements on its assets, liabilities, or anticipated transactions. A hedge avoids or reduces risk by counterbalancing losses with gains on separate positions.
Industry:Accounting
Of no importance. Something in financial statements that will not change decisions of investors.
Industry:Accounting
implied control performance, deals with expected changes/alterations to data.
Industry:Accounting
Internal control systems rely on separation of duties to reduce the chance of errors or fraud. Duties are incompatible if they should be separated for control. For example, one person should not be in a position to both embezzle funds and to hide the embezzlement by changing the recorded accountability.
Industry:Accounting
The risk of incorrect acceptance is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.
Industry:Accounting
The risk of incorrect rejection is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.
Industry:Accounting
In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditors. This means freedom from bias, which is possible even when auditing one's own business (independence in fact). However, it is important that the auditor be independent in appearance (that others believe the auditor is independent).
Industry:Accounting
