An entry is a record made in a book of account, register, or computer file of a financial transaction, event, proceeding, etc. Entries are fundamental in the accounting process, ensuring that all financial activities are accurately recorded and tracked.
External documents refer to the documents needed for company recordkeeping that have been handled by external individuals or entities, such as vendor invoices and canceled checks. Auditors regard these documents as more reliable than internal documents due to their increased independence and verifiability.
Segregation of duties (SoD) is an internal control concept designed to prevent error and fraud by ensuring that no single individual has control over all aspects of a critical transaction or operation.
