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Please help me understand these difference in following "audit" terms

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Please help me understand these difference in following "audit" terms

  • This topic has 2 replies, 2 voices, and was last updated 10 years ago by sidrajam.
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    Posts
  • April 22, 2015 at 11:57 am #242174
    sidrajam
    Member
    • Topics: 28
    • Replies: 13
    • ☆

    Hello,

    Can I know specific differentiation please. I am confused with match/review/agree & reconcile/compare.

    Reconcile
    Compare

    Match
    Agree
    Review

    Re perform
    Recalculate

    Thanks in Advance

    April 22, 2015 at 1:38 pm #242187
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10589
    • ☆☆☆☆☆

    Compare means for example, compare last year’s electricity expense to this year’s.

    Reconcile means bring into agreement or explain differences. Eg reconcile bank balance to cash book balance.

    Agee is similar to match eg match/agree goods received notes to orders.

    Review is a relatively brief look at something.

    Recalculate means repeat a calculation; reperform could mean repeat a calculation but can be wider eg repeat a process such as a bank reconciliation.

    April 22, 2015 at 1:59 pm #242191
    sidrajam
    Member
    • Topics: 28
    • Replies: 13
    • ☆

    Thanks Alot Sir! I got most of these now, one more question Sir,

    Is word compare always “Analytical procedure”?

    For Example: In BPP I read “Compare Non-Current Assets in GL with Non-Current Assets Register and obtain explanations for differences”

    Is this “Analytical procedure” or “Inspection” or “Reconcile”?

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