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Auditing 101

Horizontales
Having an arms length relationship with the client under audit.
Facts gathered during the audit procedures
A policy or procedure followed by the audit client.
Notates a disagreement with an attribute in the audit
Formal record of financial activities and position of a business.
Any population of numbers derived from other numbers.
Verticales
Operating standards.
Cresseys theory on identifying fraud.
Risk of forming an inappropriate opinion on the financial statement
Selecting a small but pertinent and representative number of records to represent the entire population.
Area of financial reporting based on overall significance.
Ability to evaluate with no preconceived notions.
Government auditing standards.
Likelihood of arriving at an inaccurate audit conclusion based on the clients business.
The systematic process of recording, storing, and presenting financial data.
Use of payments by one customer to reduce receivables of another.