Glossary

A B C D E F L M O T V

A

Accountant

Person skilled in the recording and reporting of financial transactions.

Accounting

Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the financial statements.

Audit documentation

The written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report or otherwise. (May be referred to as work papers or working papers).

Audit report

Audit report is a signed, written document which presents the purpose, scope, and results of the audit. Results of the audit may include findings, conclusions (opinions), and recommendations.

Audit risk

Audit risk is a combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests. Audit risk includes uncertainties due to sampling (sampling risk) and to other factors (non-sampling risk).

Auditor

Person who audits financial accounts and records kept by others. Includes both public accounting firms registered with the PCAOB and associated persons thereof.

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