Term
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Definition
| The records of initial entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries, and other adjustments to the financial statements that are not reflected in formal journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliations, and disclosures. |
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Term
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Definition
| Expressed or implied representations by management regarding the recognition, measurement, presentation, and disclosure of information in the financial statements and related disclosures. |
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Term
| Audit Documentation (Working Papers) |
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Definition
| The auditor's principal record of the work performed and the basis for the conclusions in the auditor's report. It also facilitates the planning, performance, and supervision of the engagement and provides the basis for the review of the quality of work by providing the reviewer with written documentation of the evidence supporting the auditor's significant conclusions. |
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Term
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Definition
| All the information used by the auditor in arriving at the conclusions on which the audit is based, and includes the information contained in the accounting records underlying the financial statements and other information such as minutes of meetings; confirmations from third parties; industry analysts' reports; controls manuals; information obtained by the auditor through audit procedures such a inquiry, observation, and inspection. |
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Term
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Definition
| The process of obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions. |
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Term
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Definition
| Seeking information of knowledgeable persons, both financial and nonfinancial, throughout the entity or outside the entity. |
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Term
| Inspection of Records and Documents |
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Definition
| Examination of internal or external records or documents that are in paper form, electronic form, or other media. |
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Term
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Definition
| Process of watching a process or procedure being performed by others |
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Term
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Definition
| Audit evidence that includes minutes of meetings; confirmations of third parties; industry analysts' reports; comparable data about competitors (benchmarking); controls manuals; information obtained by the auditor from such audit procedures as inquiry, observation, and inspection; and other information developed by, or available to, the auditor that permits the auditor to reach conclusions through valid reasoning. |
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Term
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Definition
| Determination of mathematical accuracy of documents or records. |
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Term
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Definition
| Whether evidence relates to assertions being tested |
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Term
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Definition
| The diagnosticity of evidence; that is, whether the type of evidence can be relied on to signal the true state of the assertion |
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Term
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Definition
| The auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control, either manually or through the use of computer-assisted audit techniques |
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Term
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Definition
| Reviewing accounting data to identify significant or unusual items; including the identification of anomalous individual items within account balances or other client data through the scanning or analysis of entries in transaction listings, subsidiary ledgers, general ledger control accounts, adjusting entries, suspense accounts, reconciliations, and other detailed reports |
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