A Balance Sheet Audit focuses specifically on verifying the existence, ownership, valuation, and presentation of a company's assets and liabilities as stated in the balance sheet.
Certification is the act of confirming formally as true, accurate, or genuine. It often signifies that an individual or organization has met predetermined standards or qualifications.
A technique used by an auditor to obtain third-party evidence in support of information supplied by a client. For example, confirmation may be sought from a bank of balances held by a client.
A paper trail encompasses the physical or digital documentation that records the sequence of activities and transactions, serving as a crucial mechanism for tracking and verifying the authenticity of business processes and financial records.
A substantive test in auditing is employed to verify the existence, ownership, and valuation of assets and liabilities, often used to perform a balance-sheet audit or gather general audit evidence.
A substantive test in an audit to verify that the underlying records accurately represent the transactions entered into by the audited business.
