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Glossary of auditing terms

a
acceptable level of audit risk.
accuracy, assertion of.
achievable level of audit risk.
achievable level of detection risk.
activities (audit activities).
acceptable level of detection risk.
acceptable level of detection risk, table.
analytical, as an audit approach.
analytical procedure, as an audit procedure.
application program examination, as a CAAT.
assertions (management assertions).
audit approach.
audit approach table.
audit committee.
audit evidence.
audit objective.
audit opinion.
audit plan.
audit program.
audit risk.
audit risk model.
audit risk table.
audit sampling and testing procedures.
audit stages.
audit strategy.
audit trail.
audit working papers.
auditor activities, concept of.
auditor activities: evidence evaluation.
auditor activities: evidence gathering.
auditor activities: planning.
auditor activities: decision making.
auditor independence.

b
basic concepts: audit objectives.
basic concepts: auditor activities.
basic concepts: audit risk.
basic concepts: audit stages.
basic concepts: business risk.
basic concepts: management assertions.
business risk.

c
CAATs.
common size analysis as analytical procedure.
commercial software as a CAAT.
competence of audit evidence.
completeness, assertion of.
compliance deviation.
compliance procedures (compliance tests).
computation as a substantive procedure.
confirmation as a substantive procedure.
confirmation of receivables.
consistency of financial statements (with auditor's knowledge
      of the business).
control deviation.
control environment.
control procedures.
control risk.
control testing.
credibility.
cut-off test as a substantive procedure.

d
days sales in receivables (ratio analysis).
days to sell inventory (ratio analysis).
decision making activities.
delegation of duites by the auditor.
design effectiveness of internal control procedures.
detailed knowledge of client's business.
detection risk.

e
effectiveness of design of internal control procedures.
effectiveness of operation of internal control procedures.
embedded audit module as a CAAT.
engagement letter.
enquiry as an audit procedure.
evidence (audit evidence).
evidence evaluation activities.
evidence gathering activities.
exception in audit testing.
expectation gap

f
financial statement assertions
final visit.
fraud.

g
general control procedures.
generalized audit software as a CAAT.
going concern, ability of client to continue as.
gross profit percentage (ratio analysis).

h
history of auditing.

i
incompatible functions/duties, segregation of.
independence of the auditor.
in-depth as an audit approach.
inherent risk.
inquiry as an audit procedure.
inspection as an audit procedure.
integrated test facility as a CAAT.
interim visit.
internal control procedures.
internal controls: general control procedures.
internal controls: specific control procedures.
inventory turnover (ratio analysis).

k
kiting.
knowledge of client's business, detailed knowledge.
knowledge of client's business, preliminary knowledge.

l
lapping.
legal representation letter.
levels of aggregation.

m
management assertions.
management assertion of accuracy.
management assertion of completeness.
management assertion of validity.
management representation letter.
materiality, planning.
materiality, reporting.
misstatement.
misstatement, risk of material [RMM].

n
nature, timing and extent of planned audit procedures.

o
observation as a test of control.
operational effectiveness of internal control procedures.
operational planning.
opinion (audit opinion).
organizational independence.

p
parallel simulation as a CAAT.
physical examination as a substantive procedure.
planning activities.
planning materiality.
preliminary knowledge of client's business.
professional skepticism.
program code analysis as a CAAT.

r
ratio analysis as an analytical procedure.
ratio analysis: days sales in receivables.
ratio analysis: days to sell inventory.
ratio analysis: gross profit percentage.
ratio analysis: inventory turnover.
reasonableness test as an analytical procedure.
recalculation as a substantive procedure.
regression analysis as an analytical procedure.
relevance of audit evidence.
reliability of audit evidence.
reperformance as audit evidence.
reporting materiality.
review as an analytical procedure.
review of audit work performed.

risk of material misstatement.
roll forward as an analytical procedure.

s
sampling and testing procedures.
scanning as an analytical procedure.
schedule of audit differences.
segregation of duties (incompatible functions).
significant risk.
specialized audit software as a CAAT.
specific control procedures.
strategic planning.
subsequent events.
substance over form.
substantive as an audit approach.
substantive procedures.
supervision of audit staff.

t
table, acceptable level of detection risk.
table, audit approach.
table, audit risk.
tactical plan.
tactical planning.
test data as a CAAT.
testing and sampling procedures.
tests of controls.
tests of detail.
tracing as a substantive procedure.
transaction testing.

v
validity, assertion of.
verification as an audit approach.
visits to clients.
vouching as a substantive procedure.

w
walk-through the accounting information system.
working papers.

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