Audit
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Accounting Glossary
- Accounting 101
- Accounting Software
- Accounts Payable
- Accounts Receivable
- Accrual Accounting
- Adjusted Trial Balance
- Amortization
- Audit
- Bad Debt Expense
- Balance Sheet
- Bank Reconciliation
- Benefits
- Bonds Payable
- Book Value
- Capital Asset
- Cash Basis Accounting
- Cash Flow
- Cash Flow Statement
- Chart of Accounts
- Class Tracking
- Comprehensive Income
- Contingent Liability
- Contractor vs Employee
- Cost of Goods Sold (COGS)
- Cost of Sales
- CPA, Controller, CFO
- Credits and Debits
- Current Ratio
- Debt to Equity Ratio
- Deferred Revenue
- Depreciation schedule
- Direct Cost
- Double-Entry Bookkeeping
- Earnings Before Interest and Taxes (EBIT)
- Equity
- Financial Reviews
- Fiscal Policy
- Fiscal Year
- Fixed Cost
- GAAP
- General Ledger
- Gross Margin
- Gross Profit
- How to Calculate Income
- Income Statement
- Indirect Cost
- Internal Control
- Inventory
- Journal Entry
- Liability
- Liquidity
- Modified Adjusted Gross Income
- Monetary Policy
- Net Income
- Operating Expenses
- Operating Margin
- Payroll Taxes
- Prepaid Expense
- Profit Margin
- P&L Statement
- Retained Earnings
- Return on Investment (ROI)
- Revenue Recognition
- Sales Revenue
- Straight-Line Depreciation
- Tax Liability
- Trial Balance
- Unearned Revenue
- Variable Cost
- Variance Analysis
- Wage Expense
- Working Capital
- Write-Off
- Yield
- Zero-Based Budgeting (ZBB)
Audit
An audit entails a systematic and comprehensive examination of an organization's financial statements, records, transactions, and procedures.
This inspection is typically performed by an independent and external body to ensure the accuracy, integrity, and compliance of financial statements with accounting standards and regulations. An audit's primary objective is to ensure that the financial reports fairly and accurately represent the organization's financial position and performance over a specified period. Through this evaluation, auditors assess the risk of material misstatement in financial statements due to error or fraud.
The audit process involves examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used, and evaluating significant estimates made by management. An audit enhances the confidence of investors, creditors, and other stakeholders in the financial information provided, playing a vital role in the transparent and efficient functioning of capital markets.
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