UNRESTRICTED GRANT Definition

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UNRESTRICTED GRANT is a grant made to further the general purpose or work of an organization, rather than for a specific purpose or project.

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TIME INTERVAL CONCEPT, in accounting, requires that financial statements be prepared at regular intervals, e.g. monthly, quarterly, annually.

PARALLEL SIMULATION TESTING is the simultaneous performance of multiple operations. It provides evidence of the validity of processing if the second processing system yields the same results as the first.  Auditors use their own generalized audit software to process the same data as was processed by the client’s software.  If the output of the audit software is the same as the output of the client’s software that is evidence that the client’s software is performing properly.

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