- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
The paragraph in the audit report that expresses the auditor's conclusions. The wording of the standard, unqualified opinion paragraph is: "In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company at December 31, year A, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles."
Industry:Accounting
is a listing of goods or services requested from a supplier with specifications and desired delivery method. A company starts the purchase process internally with a requisition, which results in an order being transmitted to a supplier. When the supplier ships the goods or provides the service, an invoice is sent to the customer telling the customer the specifications, delivery method, and price of those goods or services.
Industry:Accounting
The objective of the overall review stage of the audit is to assess conclusions reached, and evaluate the overall financial statement presentation. The overall review includes reading the financial statements and notes and considering adequacy of evidence gathered in response to unusual or unexpected balances. Results of an overall review may indicate the need for additional evidence.
Industry:Accounting
is the simultaneous performance of multiple operations, usually in reference to computer systems.
Industry:Accounting
An extra bit added to a string of bits to increase the accuracy of data transmission.
Industry:Accounting
A sequence of characters required to gain access to a computer system. Passwords are used to restrict computer system access to only authorized persons.
Industry:Accounting
Department that determines amounts of wage or salary due to each employee.
Industry:Accounting
A practice monitoring program in which the audit documentation of one CPA firm is periodically reviewed by independent partners of other firms to determine that it conforms to the standards of the profession.
Industry:Accounting
pending, ex. a request for ticket is ''pending need'', this is request has not been fulfilled yet, or 'pending tax'', tax that hasn't been paid yet.
Industry:Accounting
An allowance for daily expenses. Often used to reimburse employees for estimated expenses as opposed to accounting for each small component of the expenses.
Industry:Accounting
