Error Detection

Check Digit
A check digit is a form of redundancy check used for error detection, designed to help ensure the accuracy of a number by appending a digit that can be recomputed and then compared to verify the correctness of the original number.
Risk-Based Audit
An auditing technique focused on identifying and assessing the levels of risk in different areas of an organization's systems to concentrate efforts on the areas of highest risk, thereby improving the detection of errors or fraud.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.