Audit of Educational Institutions

A set of vocabulary flashcards based on the key terms and concepts discussed in the lecture on the audit of educational institutions.

Academe

The world of education, particularly higher education institutions such as colleges and universities.

Public Institutions

Educational institutions funded by the government that offer subsidized tuition and quality education.

Private Institutions

Independently funded educational institutions that provide various programs tailored to specific industries or academic interests.

Technical-Vocational Institutions

Institutions focused on practical skills training for specific trades and careers.

RA 9155

The Basic Education Act that enhances quality in public schools and establishes guidelines for governance.

RA 10931

The Tertiary Education Act that provides for free tuition and other fees for students in state universities and colleges.

Audit Risk

The possibility of misstatement in financial statements, particularly in revenue recognition for educational institutions.

Educational and General Revenues

Revenues that include student tuition fees, government appropriations, grants, gifts, and endowment income.

Auxiliary Enterprises Revenues

Amounts earned from facilities and services provided to faculty, staff, and students.

Fund Groups

Categories of financial resources for educational institutions, including current funds, loan funds, and endowment funds.

Grants and Scholarships

Financial aid that may face risks due to mismanagement or compliance issues.

Segregation of Duties

A control procedure preventing a single employee from authorizing, collecting, and recording transactions to reduce fraud risk.

International Standards on Auditing (ISAs)

Standards that guide the auditing process to ensure financial statements present a true and fair view.

Subsequent Events

Events occurring after the reporting period that may impact the financial statements.