Accounting 102 Chapter 5
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4 terms
Terms | Definitions |
|---|---|
 Internal Control | Policies and procedures established to provide management with reasonable assurance that the objectives of an entity will be acheived |
| Control Activities | Policies and procedures used by management to meet their objectives, including: -Segregation of duties -Proper procedures for authorization -Physical control over assets and records -Adequate documents and records -Independent checks on performance |
| Audit | A report issued by an independent CPA to evaluate whether a company's financial statements fairly report its financial position, operating results, and cash flows in accordance with generally accepted accounting principles. |
| Audit Opinions | -Unqualified (No mistakes) -Qualified -Adverse -Disclaimer (worst) |
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