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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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Related terms

  • 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.

  • 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.

  • Walkthrough (Control Walkthrough)

    Tracing one transaction through a process end to end, confirming at each step that the control the client describes actually happens the way they describe it.

  • Weighted Average Cost (WAC)

    An inventory costing method that averages the cost of all units available for sale during a period, rather than tracking specific batches.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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