Audit: an independent check on the financial accounts of an organisation. It is conducted by auditors who are professional accountants. Auditing is an essential part of…

Accounting Principles: a chosen set of accounting conventions that must be applied consistently if company accounts are to be useful to observers. These include: matching…

Accounting period: the period of time, typically a year, over which an organisation records revenues and expenses, cash flows and changes in assets and liabilities.…

Accountability is the extent to which a named individual is held responsible for the success or failure of a policy or a piece of administration.…