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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

AUDIT EVIDENCE :
includes written and e... includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.

ACCRUAL BASIS OF ACCOUNTING :
wherein revenue and e... wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally accepted accounting principles (GAAP) in preparing financial statements for external users.

Accounts Payable:
Amounts owed ... Amounts owed by the business for purchases made on credit. These amounts are paid by the business after a time lag that is measured by Days Payable Outstanding (DPO).

AGREED UPON PROCEDURES :
are used when a client... are used when a client retains an external auditor to perform specific tests and procedures and report on the results. Examples might include special reviews of loan portfolio or internal control systems. In performing agreed-upon procedures, the auditor provides no opinion, certification, or assurance that the assertions being made in the financial statements are free from material misstatement. The users of reports based on agreed-upon procedures must draw their own conclusions on the results of the tests reported. For example, an external auditor could be asked to look at a certain number of corporation loan files and document which of the required forms are in the files. The auditor would report on the selection and the results of the procedures performed but would not provide a formal opinion with conclusions drawn from the results of the procedures.

 

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