SUBSTANTIVE AUDIT PROCEDURE is a direct test of a financial statement balance designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (classes of transactions, account balances, and disclosures), and substantive analytical procedures.
LINE ITEM is one item from a group of many items, e.g. one inventory item from the list of all inventoried items or one budgeted item from a financial budget.
BULLET is 1) A security with only one final maturity payment. 2) A fixed income investment strategy where securities of a single maturity (rather than barbelled or laddered maturities) are purchased.
Enter a term, then click the entry you would like to view.