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Audit, Risk & Controls

The terms behind keeping the numbers honest: audits, internal controls, and the checks that catch problems before they compound.

Terms
23
Subcategories
4

23 terms

  1. 01 Audit Process

    Accountant's Report

    A formal document issued by an independent accountant or accounting firm that communicates their professional opinion about an organization's financial statements.
  2. 02 Audit Process

    Adverse Opinion

    The most serious type of modified audit opinion, indicating that an auditor believes the financial statements are materially misstated and do not fairly represent the company's financial position.
  3. 03 Audit Process

    Analytical Procedure

    Evaluative techniques used by auditors and accountants to assess financial information by studying plausible relationships between financial and non-financial data.
  4. 04 Audit Process

    Audit

    A systematic examination of an organization's financial statements, internal controls, and accounting procedures performed by independent professionals to provide assurance about the fairness and reliability of financial reporting.
  5. 05 Audit Process

    Audit Engagement

    A formal agreement between an independent auditor and a client organization that defines the scope, objectives, and terms of the audit services to be provided.
  6. 06 Audit Process

    Audit Trail

    An audit trail is the chronological record of every action taken on a transaction or financial record: who created it, who changed it, who approved it, and when.
  7. 07 Roles & Credentials

    Certified Fraud Examiner (CFE)

    A professional credential for specialists in fraud prevention, detection, and investigation, combining expertise in accounting, law, and forensic techniques.
  8. 08 Roles & Credentials

    Certified Internal Auditor (CIA)

    A globally recognized certification for internal audit professionals, demonstrating expertise in risk management, internal controls, and governance processes.
  9. 09 Audit Process

    Compilation

    A basic level of financial statement preparation service where an accountant assists in presenting financial information without providing assurance about accuracy or completeness.
  10. 10 Fraud, Risk & Ethics

    Control Risk

    The risk that material misstatements in financial statements won't be prevented or detected by an entity's internal control system.
  11. 11 Roles & Credentials

    Controller

    A senior financial manager responsible for overseeing an organization's accounting operations, financial reporting, and internal controls.
  12. 12 Audit Process

    Due Diligence

    A comprehensive investigation or review performed before entering into a business transaction or agreement.
  13. 13 Fraud, Risk & Ethics

    Ethics

    Professional principles and moral obligations guiding behavior in business and accounting practices.
  14. 14 Fraud, Risk & Ethics

    Fiduciary

    A person or entity holding a position of trust and responsibility to act in the best interests of another party.
  15. 15 Fraud, Risk & Ethics

    Forensic Accounting

    A specialized field of accounting focused on investigating financial fraud, disputes, and complex transactions for legal purposes.
  16. 16 Fraud, Risk & Ethics

    Internal Control

    A system of policies, procedures, and checks designed to protect assets, ensure accurate financial reporting, and promote operational efficiency.
  17. 17 Fraud, Risk & Ethics

    Litigation Support/Dispute Resolution

    Professional services providing financial expertise in legal disputes, including damage calculations, valuation disputes, and fraud investigations.
  18. 18 Fraud, Risk & Ethics

    Negligence

    Failure to exercise reasonable care and professional competence expected in performing duties, potentially resulting in harm or losses to others.
  19. 19 Regulatory & Oversight

    Public Company Accounting Oversight Board

    An independent regulatory body established by the Sarbanes-Oxley Act to oversee audits of public companies and broker-dealers.
  20. 20 Fraud, Risk & Ethics

    Risk Management

    The systematic process of identifying, assessing, and controlling threats to an organization's capital and earnings.
  21. 21 Regulatory & Oversight

    Sarbanes Oxley Act

    Comprehensive legislation enacted in 2002 to improve corporate accountability and financial reporting accuracy.
  22. 22 Regulatory & Oversight

    SEC Filings

    Required documents submitted to the Securities and Exchange Commission by public companies, providing detailed financial and operational information.
  23. 23 Audit Process

    Special Report

    A customized financial report prepared for specific purposes or users, deviating from standard financial statement formats.
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