The IIA Auditing Standards Are Classified into Three Major Categories

question 73

Essay

The IIA auditing standards are classified into three major categories: ___________________,___________________,and _____________________________.

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

General Journal

A primary accounting record used to record all types of transactions, including adjustments, in chronological order.

General Ledger

A comprehensive collection of a company's accounts, including all transactions and balances, used for preparing financial statements.

Special Journal

A type of accounting journal designed for recording a specific kind of transaction in a more efficient and detailed manner.