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Audit Vocabulary
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A financial metric that measures the resources available to a company to finance its day- to-day operations.
Working capital
sufficient in terms of both quality and quantity to satisfy the reasonable expectations of users of the financial statements.
True and fair
responsibility in relation to the qualification and supervision of auditors.
Regulatory bodies
In the context of an audit of financial statements, a high, but not absolute, level of assurance.
Reasonable assurance
The auditor concludes that the extent of their inability to obtain sufficient appropriate audit evidence is such that it is not possible to form an opinion on the financial statements.
A disclaimer of opinion
the auditor concludes that the financial statements do not give a true and fair view.
An adverse opinion
opinion—the auditor concludes that, except for specific matters explained in the audit report, the financial statements give a true and fair view
A qualified opinion
a difference—arising from an error or fraud—between the amount, classification, presentation or disclosure of an item in the financial statements.
Misstated / Misstatement
concept used by both preparers and auditors of financial statements to help determine what information is important, what information should be disclosed in the financial statements
Material/Materiality
company whose shares can be bought and sold by the general public and are listed on a stock exchange, such as the London Stock Exchange.
Listed company
The processes designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with applicable laws and regulations
Internal control system
A financial statement that measures a company’s financial performance over a specific accounting period.
Income statement
Management’s assumption that the company will continue to operate for the foreseeable future.
Going concern
A paragraph included in the auditor’s report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor’s judgement, is of such importance that it is fundamental
Emphasis of matter
The inclusion of information in the financial statements, such as further analysis of the primary financial statements, a statement of principal accounting policies applied.
Disclosures
Preparing the financial statements of a company where management is unable to confirm that it is a going concern. Assets and liabilities are included at the net value that would be realisable in the event of a forced sale or liquidation.
Break-up basis
A financial statement that presents a company’s financial position as of a specified date.
Balance sheet
requirements and guidance for auditors regarding performing audit engagements. Set by national or international organizations, such as the International Auditing and Assurance Standards Board (IAASB).
Generally Accepted Auditing Standards (GAAS)
It states the auditor’s conclusion on whether the financial statements, including disclosures are presented fairly in all material respects in accordance with the applicable financial reporting standards.
Audit report and audit opinion
responsible for the oversight of a company’s financial reporting and accounting, financial regulatory compliance, financial risk management processes, and the engagement of and interaction with the company’s external auditor on
Audit committee
enhancing the user’s confidence in the information that is being reported.
Assurance
report issued by a company detailing its activities and financial performance during the preceding year.
Annual report
An annual general meeting (commonly referred to as an AGM) is a formal meeting held once a year by a company, required by law, to which shareholders are invited.
Annual general meeting
Accounting standards set out the requirements for the recognition, measurement, presentation and disclosure of transactions and events that are important to the financial statements.
General Accepted Accounting Principles (GAAP)
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