Glossary — AuditTrove user guide

AC-1 to AC-4L: The acceptance working papers: AC-1 client and engagement acceptance, AC-3 preconditions for an audit, AC-4L applicability of the ISA for LCE.
Access review: A periodic check, by the firm administrator, that every login still needs its access and privileges (SOC 2 CC6.2, ISO 27001 5.18).
Address source: Where the confirming party's address came from: supplied by the client, verified independently or taken from a public register.
Alternative procedures: Other audit procedures performed when a positive confirmation is not returned (ISA 505.12).
Auditor access token: A key created by the client in BookTrove that lets the audit team read its books and, with the adjust and pbc permissions, propose adjustments and send requests.
Binder: The printable index of the whole audit file, section by section.
Clearly trivial: The amount below which misstatements need not be accumulated (ISA 450.A2).
Communication threshold: In a group audit, the amount above which a component auditor must report misstatements to the group team.
Completion gates: The conditions AuditTrove checks before the report can be dated and signed.
Component auditor: An auditor who performs work on a component of a group for the group engagement team (ISA 600 (Revised)).
Connector: A link to a client's accounting system (Xero, QuickBooks Online, Sage Business Cloud Accounting or Zoho Books) that pulls the trial balance and journal lines.
E-signature envelope: A document sent for electronic signature, with its signers, the codes used and the evidence of signing.
EQR: Engagement quality review (ISQM 2): an objective evaluation of the engagement team's significant judgements, completed before the report is dated.
Fee note: An invoice for professional services, with VAT and the withholding tax the client may deduct.
Fingerprint (hash): A short code computed from a document or record; any change to the content gives a different code.
ISA for LCE: The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, a stand-alone standard issued by the IAASB.
JET: Journal entry testing: selecting and testing journal entries for the risk of management override (ISA 240.33).
Lead schedule: A summary of the accounts in a financial statement area, linking the trial balance to the working papers.
Materiality: The overall amount, performance materiality and clearly trivial threshold used in planning and evaluating the audit (ISA 320).
Non-response: A positive confirmation request that has not been answered after the second request.
Partner review monitoring: The record of the engagement partner's review of the file, used to show sufficient and appropriate involvement (ISA 220 (Revised)).
PBC: Prepared by client: the documents and information the client is asked to provide (client requests).
PIE: Public interest entity, as defined by the IESBA Code and the firm's local rules.
Portal: The client's own pages in AuditTrove for requests, uploads, comments, signatures and connections.
Quarantine: The holding place for uploaded files that may carry active content; they cannot be downloaded until released.
Recycle bin: Where deleted clients, engagements and records are kept for a time so they can be restored.
Roll forward: Creating next year's engagement from this year's file, carrying forward the permanent information.
Seal chain: The linked fingerprints of the audit trail entries; breaking one breaks the chain and shows the change.
Significant account: An account with a reasonable possibility of containing a material misstatement.
SQMTrove: TroveUniverse's app for a firm's system of quality management (ISQM 1), which can share engagements and EQRs with AuditTrove.
Summary of misstatements: The schedule of corrected and uncorrected misstatements compared with materiality (ISA 450).
Trust page: The public page describing AuditTrove's security controls, sub-processors and readiness for SOC 2 and ISO 27001.
WIP: Work in progress: the value of time and costs recorded on an engagement and not yet billed.