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What Are the Main Items Commonly Included in Tests of Controls

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What are the main items commonly included in tests of controls working papers?


Definitions:

GAAP

Generally Accepted Accounting Principles, which are a common set of accounting rules and standards for financial reporting.

Postemployment Benefits

Benefits, including pension plans and healthcare, that an employee is entitled to upon retirement or termination of service.

Actuarial Information

Data and analysis provided by actuaries, involved in assessing risks and uncertainties, particularly in the insurance and finance industries.

Pension Fund

A pool of funds accumulated from contributions to provide retirement benefits to employees.

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