Unit 10: Vocabulary

"Several abnormalities were discovered during the audit, which resulted in the company being taken to court."

"The board decided to act on the performance auditor's recommendations and instituted new purchasing procedures."

"Each company should adhere to the accounting standards of the country that they operate in."

"The IRS audit will take place next week, so make sure all documentation is ready by then."

"The company has several control systems in place to make sure theft does not happen."

"Mr Franks was convicted of defrauding the company out of millions."

"Itemization of expenses helps in identifying areas of high cost."

"Audits are often performed by external auditors to maintain objectivity."

"The outcome of the meeting was the decision to relocate to Brazil."

"James was fired for being too sloppy in his work, after it was noticed that he had made several serious mistakes."

"John has a sound knowledge of financial matters, but he has never dealt with an IRS audit, so the CFO insisted on being present during the audit."

"The auditor chose one month at random for statistical sampling."

"Increased transparency in the accounting department has increased shareholder faith in the company."

"The validity of the accounts was questioned by the IRS and an audit was performed."

"The accounts manager must verify all payments over $10,000."