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.
Related terms
- 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.
- 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.
- Whistleblower Mechanism
A formal channel allowing employees and others to report suspected fraud or misconduct, required for specified classes of companies and audit committees under the Companies Act.
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