DESCRIPTIVE THEORY Definition

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DESCRIPTIVE THEORY, in property rights, describes how property rights are created or initiated, how they are transferred from party to party, and finally how property rights are terminated.

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INTERNAL AUDITOR is an auditor who works directly for a company auditing its activities throughout the year. Internal auditors of corporations are often not certified auditors, though they usually have significant accounting experience. They should report directly to the board of directors of the corporation.

PROCESSING CONTROL, in accounting, is an internal control included in computer software designed to assure that all transactions are handled as authorized and none omitted or added.

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