Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.

Accrual Method Of Accounting
In the context of a financial audit, audit findings represent weaknesses or deficiencies in internal controls, or instances of noncompliance with applicable laws and regulations, that are presented in an audit report.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Blue Book
This is the term commonly used to describe the Government Finance Officers Association publication Governmental Accounting, Auditing and Financial Reporting. Initially, the blue book was the authoritative source for GAAP for state and local governments.

Bookkeeping
The task of recording the amount, date, and source of all business revenues and expenses. Bookkeeping is essentially the starting point of the accounting process. Only with accurate bookkeeping numbers can meaningful accounting be

Account
A collection of financial information grouped according to customer or purpose.

Accounting
term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.