Auditing terminologies

What are some common auditing terms?

The following are some common auditing terms:- ISA is a professional standard that overlooks an independent auditor’s responsibility

They have been issued by IFAC and IAASB

What are the key audit acronyms & terms?

With that being said, there are a number of key audit acronyms and terms that any aspiring auditor should transcribe to memory, as follows: COSO: COSO stands for the Committee of Sponsoring Organisations of the Treadway Commission

It is an organisation dedicated to providing thought leadership to executive management in a wide range of fields

What do you need to know about internal audit terminology?

Brush up on your internal audit terminology with this glossary of key terms you need to know: Controls that relate to data and transactions within an application system to validate completeness and accuracy (See also: Application System, Controls) Integrated computer programs designed for a specific purpose

×Important auditing terminologies include:

Audit evidence: Facts gathered during the audit procedures that provide a reasonable basis for forming an opinion regarding the financial statements under audit.
Audit risk: The risk of forming an inappropriate opinion on the financial statements under audit.
Control risk: The risk that a company’s internal controls won’t detect or prevent mistakes.
ISA International Standard on Auditing: A professional standard that overlooks an independent auditor’s responsibility.
External Audit: An audit conducted by an independent auditor outside of the organization.
Internal Audit: An audit conducted by an auditor within the organization.
Management Assertions: Representations made by management regarding the financial statements.
Professional Skepticism: The attitude of the auditor that includes a questioning mind and a critical assessment of audit evidence.
Audit Substantive Test: A test that provides evidence to support the financial statement assertions.
Materiality: The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.

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