ACG 4970 Lecture Notes - Lecture 1: External Auditor, Internal Audit, Financial Statement
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4 Oct 2016
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Here"s a list of common financial terminology used in financial statements. This is when the books are closing and the numbers are being tabulated in the financial statements for the prior period. Normally this happens in the first week of the month. An estimate intended to capture the cost of a good or service in the absence of an invoice. The estimate is done at quarter-end so the benefits of goods and services received is matched with the cost to the company. To review and verify the accuracy of financial records as well as validating methods used to calculate financial records. An external auditor is an independent public accountant who examines a business entity"s books. The external auditor is not an employee of the company. A public company is required to have an independent external auditor conduct and audit and issue an opinion on the accuracy of our financial statements that are filed with the.