FINANCIAL SYSTEM Definition

Bookmark and Share

FINANCIAL SYSTEM is an information system, comprised of one or more applications, that is used for any of the following: collecting, processing, maintaining, transmitting, and reporting data about financial events; supporting financial planning or budgeting activities; accumulating and reporting cost information; or supporting the preparation of financial statements.

Learn new Accounting Terms

NONSAMPLING RISK is audit risk not due to sampling. An auditor may apply a procedure to all transactions or balances and fail to detect a material misstatement. Nonsampling risk includes the possibility of selecting audit procedures that are not appropriate to achieve a specific objective. For example, confirming recorded receivables cannot reveal unrecorded receivables. Nonsampling risk can be reduced to a negligible level through adequate planning and supervision.

CFO to DEBT see CASH FLOW / CURRENT PORTION OF LONG TERM DEBT.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.