General Ledger
The complete set of accounts recording every financial transaction a business enters into, from which the trial balance is extracted.
Related terms
- Fraud Triangle
A model explaining the three conditions typically present when fraud occurs — pressure/incentive, opportunity, and rationalisation — used to guide fraud risk assessment.
- Full-Population Testing
Applying a procedure to every transaction in a population rather than a sample — made practical by data analytics, and a different basis for a conclusion than a projected sample result.
- Going Concern
The assumption that an entity will continue to operate for the foreseeable future, without any intention or necessity of liquidation — the auditor evaluates whether this assumption remains appropriate.
- Goods Receipt Note (GRN)
A document recording that goods ordered were physically received, used to match a purchase order to the invoice that follows it.
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