Audit Vocabulary: an introduction

An independent examination of a company's financial records to ensure their accuracy, reliability, and compliance with relevant accounting standards.

A qualified professional who conducts audits.

The auditor's formal conclusion on the fairness and accuracy of a company's financial statements.

Name the different kinds.

Information obtained by the auditor to support audit opinions.

The specific actions performed by the auditor to gather audit evidence. Give examples.

Procedures and processes within a company designed to safeguard assets, ensure the accuracy of financial records, and promote operational efficiency.

The magnitude or significance of an omission or misstatement of accounting information that could reasonably be expected to influence the economic decisions 1 of users taken on the basis of the financial statements.

An attitude that includes a questioning mind and a critical assessment of audit evidence.