- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
The auditor of a client for the current year when that client had another auditor in prior years. The auditor who is no longer the auditor of that client is the predecessor auditor.
Industry:Accounting
A measure of the quantity of audit evidence. The independent auditor's objective is to obtain sufficient competent evidence to provide a reasonable basis for forming an opinion.
Industry:Accounting
Supervision is directing efforts of assistants in the audit and determining whether objectives were accomplished. Elements of supervision include instructing assistants, keeping informed of problems, reviewing work performed, and dealing with differences of opinion among firm personnel. The appropriate extent of supervision depends on the complexity of subject matter and qualifications of persons performing the work.
Industry:Accounting
provide goods or services to an audited entity. Sometimes called vendors.
Industry:Accounting
A CPA tests a business system for its ability to operate without material error and reports on its reliability.
Industry:Accounting
As part of inventory audit procedures auditors normally observe the client's employees counting physical inventory. A test count is inventory counted by the auditors to check the client's count.
Industry:Accounting
is run through a computer program to test the software. Test data can be used to test compliance with controls in the software.
Industry:Accounting
(tests of the operating effectiveness of internal controls) Auditors evaluate the design of controls, then determine if the controls are in operation. In order to rely on the controls they must also obtain evidence as to whether the controls are operating effectively.
Industry:Accounting
Direct tests of financial statement balances (substantive audit procedures) that are not analytical procedures. If tests of details are performed as tests of controls as well as substantive tests they are "dual-purpose" tests.
Industry:Accounting
