Question

Procedures used to verify accounting reports and statements are referred to as ____.

A. lean accounting

B. accounting audits

C. activity-based costing

D. accounting reforms

E. budget audits

Answer 1

Accounting audits are procedures used to verify accounting reports and statements for accuracy and reliability.

Step-by-step explanation:

The procedures used to verify accounting reports and statements are referred to as accounting audits.

Accounting audits are conducted to ensure the accuracy and reliability of financial information presented in the reports and statements. These audits may involve examining source documents, checking calculations, verifying account balances, and assessing compliance with accounting standards and regulations.

Some examples of accounting audits include external audits performed by independent firms, internal audits conducted by companies' internal audit departments, and governmental audits conducted by regulatory bodies.