Term
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Definition
| accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. This should be done by a competent, person. |
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| any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. |
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| auditors reporting on company financial statements |
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Definition
| the final stage in the auditing process, which communicates the auditor's findings to users |
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Definition
| the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making |
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| reflects the possibility that the information upon which the business risk decision was made was inaccurate. |
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Definition
| an independent professional service that improves the quality of information for decision makers |
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Definition
| a type of assurance service in which the CPA firm issues a report about the reliability of an assertion that is made by another party |
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Term
| audit of historical financial statements |
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Definition
| a report expressing an opinion about whether the financial statements are fairly stated in accordance with the applicable accounting standards. |
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| internal control over financial reporting |
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Definition
| management asserts that internal controls have been developed and implemented following well established criteria. |
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| examples of other assurance services |
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Definition
| mystery shopping, fraud and illegal acts risk assessment, ISO 9000 certifications, compliance with trading policies and procedures |
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Term
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Definition
| evaluates the efficiency and effectiveness of any part of an organization's operating procedures and methods. the reviews are not limited to accounting and is more like management consulting. |
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Definition
| conducted to determine whether the auditee is following specific procedures, rules, or regulations set by some higher authority |
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| financial statement audit |
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Definition
| conducted to determine whether the financial statements (the information being verified) are stated in accordance with specified criteria. |
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Term
| government accountability office auditor |
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Definition
| an auditor working for the US Government Accountability Office (GAO) |
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Term
| US Government Accountability Office (GAO) |
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Definition
| a nonpartisan agency in the legislative branch of the federal government |
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Definition
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Definition
| employed by all types of organizations to audit for management |
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Term
| certified public accountant (CPA) |
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Definition
| regulated by state law through the licensing departments of each state |
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Term
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Definition
| a federal securities law passed in 2002 that provides for additional regulation of public companies and their auditors. established the PCAOB and requires more effective internal controls over financial reporting |
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