Term
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Definition
Evaluatioins of Financial information made by a study of plausible relationships among both financial and non-financial data
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Term
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Definition
| subcommittee of BOD that is responsible for financial reporting and disclusure process |
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| Specific acts performed as the auditor gathers evedence to determine if specific audit objectives are met. |
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Definition
| auditor's plan for the expected conduct, organization and staffing of audit. |
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Definition
| both evaluate effectiveness of controls and monetary errors |
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| outlines responsibilities of both auditor and client |
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Definition
| audit procedures performed to test MMS in an account balance, transaction class, or disclosure component of financial statements |
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| substantive tests of transactions |
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Definition
| detect errors or fraud in individual transactions |
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Definition
| Audit procedures performed to test the operating effectiveness of controls in preventing or detecting MMS at relevant assertion level |
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Term
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Definition
| controls that apply to processing of specific compurter apps and are part of compurter programs |
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Term
| Computer assisted audit techniquest |
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Definition
| COMPUTER PROGRAMS THAT ALLOW AUDITOR TO TEST COMPUTER FILES AND DATABASES |
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Term
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Definition
| POLICIES AND PROCEDURES THAT ENSURE MANAGEMENTS DIRECTIVES ARE CARRIED OUT |
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Term
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Definition
| WHEN DESIGN OR OPERATION OF A CONTROL DOES NOT ALLOW MANAGMENT OR EMPLOYEES TO PREVENT DETECT OR CORRECT MISSTATEMENTS ON A TIMELY BASIS |
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Term
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Definition
| OVERALL ATTITUDE, AWARENESS, AND ACTIONS OF THE BOARD OF DIRECTORS, MANAGEMENT, AND OWNERS INFLUENCING THE CONTROL CONCIOUSNESS |
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Term
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Definition
| RISK THAT MMS COULD OCCUR WILL NOT BE PREVENTED, OR DETECTED BY INTERNAL CONTROLS |
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Term
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Definition
METHOD THAT BY WHICH PROVIDE REASONABLE ASSURANCE ABOUT ACHIEVEMENT OF OBJECTIVES
- RELIABILITY OF FINANCIAL REPORTING
- EFFECTIVENESS AND EFFICIENCY OF OPERATIONS
- COMPLIANCE WITH APPLICABLE LAWS AND REGS |
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Term
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Definition
| DEFICIENCY IN INTERNAL CONTROLS SO THERE IS POSSIBILITY OF MMS NOT BEING PREVENTED |
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Term
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Definition
| ASSESSES QUALITY OF INTERNAL CONTROL OVER TIME |
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Term
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Definition
| AUDITORS DECISION TO RELY ON ENTITY'S CONTROLS |
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Term
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Definition
| LESS SEVERE THAN A MATERIAL WEAKNESS BUT STILL IMPORTANT |
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Term
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Definition
| AUDITORS DECISION NOT RELY ON ENTITY'S CONTROLS AND RELYING MORE ON SUBSTANTIVE PROCEDURES |
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