To pass this unit, please study the 15 vocabulary words below.
- Abnormality
- Act on
- Adhere to
- Audit
- Control
- Defraud
- Itemization
- Objectivity
- Outcome
- Sloppy
- Sound
- Statistical sampling
- Transparency
- Validity
- Verify
Noun (thing)
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something which deviates from the norm, or does not appear to be right
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"Several abnormalities were discovered during the audit, which resulted in the company being taken to court."
Verb (infinitive)
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to make a decision (often based on new information)
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"The board decided to act on the performance auditor's recommendations and instituted new purchasing procedures."
Verb (infinitive)
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to follow or obey
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"Each company should adhere to the accounting standards of the country that they operate in."
Noun (thing)
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an examination of records or financial accounts to check their correctness
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"The IRS audit will take place next week, so make sure all documentation is ready by then."
Noun (thing)
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a standard of comparison for checking or verifying the results
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"The company has several control systems in place to make sure theft does not happen."
Verb (infinitive)
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illegally take money from someone by using deceit
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"Mr Franks was convicted of defrauding the company out of millions."
Noun (thing)
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to list each part separately
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"Itemization of expenses helps in identifying areas of high cost."
Noun (thing)
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the state of being uninfluenced by emotions or personal prejudices
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"Audits are often performed by external auditors to maintain objectivity."
Noun (thing)
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the end result
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"The outcome of the meeting was the decision to relocate to Brazil."
Adjective
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untidy or with mistakes
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"James was fired for being too sloppy in his work, after it was noticed that he had made several serious mistakes."
Adjective
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having a firm basis
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"John has a sound knowledge of financial matters, but he has never dealt with an IRS audit, so the CFO insisted on being present during the audit."
Noun (thing)
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the process of checking an entity based on a small amount of data taken at random
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"The auditor chose one month at random for statistical sampling."
Noun (thing)
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the state of providing clear visible information to all involved in an activity
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"Increased transparency in the accounting department has increased shareholder faith in the company."
Noun (thing)
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being correct and truthful
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"The validity of the accounts was questioned by the IRS and an audit was performed."
Verb (infinitive)
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prove the truth of by presentation of evidence or testimony
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"The accounts manager must verify all payments over $10,000."