INSPECT / INSPECTION Definition

Bookmark and Share

INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.

Learn new Accounting Terms

CAPITAL REDUCTION means reducing a companys stated capital base.

CONTINGENCY BUDGET is the amount of money required to implement a contingency plan. If an authorized entity approves a contingency plan, it would normally set aside a contingency budget, which would only be called upon if the contingency plan had to be implemented.

Suggest a Term

Enter Search Term

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