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dictionary of audit terms for pdf

dictionary of audit terms for pdf

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Published by: ammar_acca9681 on Aug 13, 2011
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12/25/2012

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Basic Auditing & Assurance terms Volume 1By Ammar Mushtaq Khan 1
 
Basic Auditing & Assurance terms Volume 1By Ammar Mushtaq Khan 2
This booklet is issued only with the single purpose is that to help thestudent in making clear understanding about audit & assurance terms. Any decision took on the basis of this booklet will not create anyresponsibility or liability on the author.The user of this booklet is ethically & legally bound to take permission from author before copying, issuing, & reprinting it, wholly or partly.Some students & fellow will find that there are some terms are missing.So if such case happens to you please mail me that term so I include it inthe next volume.Thanks for your cooperation
 
Ammar Mushtaq Khan
Ammar.acca@gmail.com0336-5586866
 
Basic Auditing & Assurance terms Volume 1By Ammar Mushtaq Khan 3
A
Acceptance sampling
is sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.
Accounting and review services
are governed by official pronouncements covering compilation and review engagements. Compilation is presenting in the form of financial statements information that is the representation of management (owners) without expressing assurance. Review is inquiry and analytical procedures to provide the accountant a basis for expressing limited assurance that there are no material modifications that should be made to the statements for them to be in conformity with U.S. generally accepted accounting principles.
Accounting data
includes journals, ledgers and other records, such as spreadsheets, that support financial statements. It may be in computer readable form or on paper.
Accounting estimate
means an approximation of a monetary amount in the absence of a precise means of measurement.This term is used for an amount measured at fair value where there is estimation uncertainty, as well as for other amounts that require estimation. Where accounting estimates involving measurement at fair value, the term fair value accounting estimates is used Or An approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely,cost-effective basis.
Accounting principles
are alternative ways of reporting and disclosing information in financial statements and related footnotes.
Accounts receivable
Debts due from customers from sales of products and services reported as a current asset.
Accounting records
are the records of initial accounting 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 journal entries; and records, such as work sheets and spreadsheets, supporting cost allocations, computations,reconciliations, and disclosures.
Accounting research bulletins
(ARBs) were issued years ago to set generally accepted accounting principles. Some have not been superseded by pronouncements of the Financial Accounting Standards Board. Those old pronouncements still qualify as generally accepted accounting principles.

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