financial audits
Reviewing company books
Financial audits are formal examinations of an organization's financial records and statements to verify their accuracy and compliance with accounting standards.
Typically conducted by independent accountants, audits assess whether reported figures fairly represent the organization's financial position: The company's financial audits revealed significant discrepancies in inventory accounting.
Annual audits are required for publicly traded companies and many nonprofits.
- auditorsFinancial statement reviewers
- certified public accountantLicensed financial professional
- expense trackingRecording what you spend
- GAAPFinancial reporting conventions
- balance sheetAssets-liabilities-equity report
going concern · transparency · accountants · internal controls · whistleblower · materiality · risk assessment · Sarbanes-Oxley Act · evidence collection · number crunching · board of directors · regulators · spreadsheet · receipts · ledger · scrutiny · quarterly · fiscal year
- governancegovernance, government, democracy, vote, parliament
- accountingbookkeeping, ledger, balance sheet, general ledger, accounts payable
- business accountingaccounts payable, accountant, accounts receivable, accounts, accrual
- oversightoversight committees, oversight board, review, auditors, supervisor
- regulationregulators, rules, laws, regulatory oversight, standards
- fiscal oversightbudget oversight, fiscal discipline, spending limits, budget constraints, spending caps
financial auditsfinancial fraud
Illegal monetary deception
cooking the books · embezzlement · money laundering · creative accounting · falsified records
financial auditsblind trust
Complete unquestioning confidence
rubber-stamping · willful ignorance · taking at face value · looking the other way · self-reporting