Variance Analysis
Comparing actual results to a budget or standard, and investigating the difference — in audit, a useful analytical procedure for spotting unusual movements worth explaining.
Related terms
- 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.
- Vendor Reconciliation
Agreeing the balance a company's books show for a supplier against that supplier's own statement of account, to surface missing invoices, timing differences or disputes.
- Vouching
Tracing a recorded transaction back to its underlying source document to verify that it is genuine, properly authorized and correctly recorded.
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