Accounting and Finance Foundations

Unit 13

Accounting and Finance Foundations Unit 13: Auditing 990

Auditing

Chapter 30

30.1.1 Auditing Basics

Fill in the blank.

1. Individuals who record, classify, and interpret financial data are _____ professionals.


2. The purpose of auditing is to verify that a business’s accounts and financial records are
   and .


3. Any data that auditors can use to determine if a company’s accounting and financial data are stated
   correctly are called _____.


4. The final step in the audit process is preparing the _____.


5. Cyndi is auditing her company’s balance sheet, income statement, and statement of cash flow. Cyndi
   is conducting a(n) _____ audit.


6. If you are an auditor responsible for determining if a company’s accounts payable area is operating
   efficiently, you are responsible for conducting a(n) _____ audit.


7. If you are conducting an investigation to determine whether your company is following regulations,
   rules, and specific procedures, you are completing a(n) _____ audit.


8. Auditors who are not associated in any way with the companies that they audit are
   _____ auditors.


9. Company employees who perform audit functions are known as _____ auditors.


10. Someone who audits company tax returns to determine if the company is compliant with tax laws is
    a(n) _____ auditor.

Student Assignment

Name: _______________________________________________________________ Date: ___________