An Auditor Might Use a Generalized Audit Software to Perform

question 43

True/False

An auditor might use a generalized audit software to perform sequence checks and print a list of purchase orders whose numbers are missing in a designated computer file.

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Definitions:

Non-Controlling Interest

A portion of the equity in a subsidiary not owned by the parent company, typically shown separately in the consolidated financial statements.

Net Income

The total earnings of a company after deducting all expenses and taxes from revenue, indicating the company's profit.

Intercompany Profit

Profits that arise from transactions between companies under common control, which may need to be eliminated in consolidated financial statements.

Unrealized Profits

Gains on transactions that have occurred but have not yet been realized through the receipt or payment of cash.