ACCT Exam 3 Vocabulary

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ACCT Exam 3 Vocabulary
2010-11-30 09:42:10
Accounting Managers Fraud Audit Management Business Accounting Auditing Assurance

Primis Ch 1,3, 5, 6, 12 and Module D
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  1. Business Risk
    the risk an entity will fail to meet its objectives
  2. Information Risk
    the probability that the information circulated by a company will be false or misleading
  3. Assurance
    the lending of credibility to information
  4. Attesation
    when the assurance is provided for specific assertions made by management
  5. Auditing
    a systematic process involving obtaining and evaluating evidence about economic actions between managers and interested users
  6. Professional Skepticism
    an auditor's tendency not to accept management assertions without corroboration, a tendency to ask management to "prove it" with evidence
  7. Operational Auditing
    the study of business operations for the purpose of making recommendations about the efficient and effective use of resources, effective achievement of business objectives and compliance with company policy
  8. Internal Auditing
    an independent, objective assurance and consulting activity that adds value to and improves an organizations operations
  9. Governanace Audits
    ensure that senior managment receives accurate and timely information concerning management and leadership throughout the organization as well as proper implementation and execution of company strategy and plans
  10. Quality Audits
    designed to determine if the product meets the standards established by management
  11. Environmental Audit
    Auditors can review procedures, record keeping, liability issues, and compliance as they relate to environmental issues of the organization
  12. Performance Audits