ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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AUDIT OBJECTIVE Definition
AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.
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GROSS PROFIT METHOD is an inventory estimate based on gross margin.
CALL RISK is the risk that a bond will be prepaid before its maturity date, causing the investor to lose future interest payments, which may be at interest rates well above current market rates.
