Auditing Vocab
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Auditing Vocab
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1. The application of an audit procedure to less than 100 percent of the items within an account or class of transactions for the purpose of evaluating some characteristic of the balance or class.

2. The use of normal distribution theory to estimate the dollar amount of misstatement for a class of transactions or an account balance.

3. The total of the projected misstatement plus the allowance for sampling risk.

4. Computer programs that allow auditors to test computer files and databases.

5. A violation of laws or governmental regulations.

6. Evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data.

7. When a subsequent event disclosed in the financial statements occurs after the date of the report but before the issuance of the related financial statements - the auditor may use dual dating. The auditor may use the original date of the report excep

8. Audit procedures performed to test the operating effectiveness of controls in preventing or detecting material misstatements at the relevant assertion level.

9. Accounting principles that are generally accepted for the preparation of financial statements in the United States. GAAP standards are currently issued primarily by the FASB - with oversight and influence by the SEC.

10. The magnitude of an omission or misstatement of accounting information that - in light of surrounding circumstances - makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced.

11. A confirmation request to which the recipient responds whether or not he or she agrees with the amount or information stated.

12. The risk that material misstatements that could occur will not be prevented - or detected and corrected - by internal controls.

13. The uncertainty that results from sampling; the difference between the expected mean of the population and the tolerable deviation or misstatement.

14. The amount of misstatement that the auditor believes exists in the population.

15. A system or code of conduct based on moral duties and obligations that indicates how an individual should behave.

16. A range of acceptable amounts or a precisely determined point estimate for an estimate (eg. uncollectible receivables) - if that is a better estimate than any other amount

17. Sampling used to estimate the proportion of a population that possesses a specified characteristic.

18. Ten broad statements guiding the conduct of financial statement auditing.

19. A weakness in the design or operation of a control such that management or employeesm in the normal course of performing their assigned functions - fail to prevent - or detect misstatements on a timely basis.

20. A measure of sampling risk added and subtracted to the projected misstatement to form a confidence interval.

21. Persons elected by the stockholders of a corporation to oversee management and to direct the affairs of the corporation.

22. The risk that the auditor will not detect a material misstatement that exists in the financial statements

23. Evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data.

24. Tests that concentrate on the details of amounts contained in an account balance and related footnotes.

25. Evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data

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