Audit Command Language (ACL) is a specialized software designed for auditors and financial professionals. ACL allows for data extraction, data analysis, and fraud detection in a versatile and efficient manner.
An audit trail, also known as a paper trail, is the sequence of documents, computer files, and other records that provide detailed evidence of a transaction, allowing auditors to trace and verify the integrity of the transaction from start to finish.
The risk that an auditor fails to detect any material misstatements in the financial statements. Unlike control risk and inherent risk, the level of detection risk can be controlled by the auditor through varying the nature, timing, and extent of audit procedures.
The European Court of Auditors (ECA) is the institution of the European Union (EU) responsible for auditing the EU's finances. Its role is to improve the financial management of EU funds by evaluating the correctness, legality, and efficiency of the financial undertakings.
The National Audit Office (NAO) is the UK's supreme audit institution responsible for scrutinizing public spending on behalf of Parliament.
A term used in the auditor's report to signify sufficient disclosure, reasonable detail, and absence of bias, ensuring the integrity and accuracy of financial statements.
An auditing technique focused on identifying and assessing the levels of risk in different areas of an organization's systems to concentrate efforts on the areas of highest risk, thereby improving the detection of errors or fraud.
