AUDIT PLAN / PLANNING Definition

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AUDIT PLAN / PLANNING is developing an overall strategy for the expected conduct and scope of the audit. The nature, extent, and timing of planning varies with the size and complexity of the entity, experience with the entity, and knowledge of the entitys business.

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NETTING can be the settling of mutual obligations at the net value of a contract as opposed to its gross dollar value; or, the reduction of transfers of funds between subsidiaries or separate companies to a net amount.

TWO PARTY CHECK is a check made out from one individual to another, i.e. only two entities are involved in the transaction.

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