Unmatched Item (Reconciliation)
An entry on either side of a reconciliation that has no corresponding entry on the other side once matching rules have been applied — the population a reviewer actually needs to investigate, never a balance to write off by default.
Related terms
- Transfer Pricing Audit
An examination of international and specified domestic transactions between associated enterprises, to confirm pricing is at arm's length as required under the Income Tax Act.
- Trial Balance
A listing of every ledger account and its closing balance, which should sum to zero (total debits equal total credits) and tie to the financial statements before any audit work begins on top of it.
- Unmodified Opinion
The audit opinion issued when the financial statements give a true and fair view in all material respects — commonly called a "clean" opinion.
- Useful Life
The period over which an asset is expected to be available for use, or the number of production units expected from it — the basis for the depreciation charge.
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