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internal control weakness A defect in the design or operation of internal controls. A material weakness is a reportable condition which does not reduce to a relatively low level the risk that material errors or fraud would not be detected in a timely manner by employees in the normal course of their duties.

introductory paragraph The first paragraph of the auditor's standard report which identifies the financial statements audited, states that the financial statements are the responsibility of management and that the auditor's responsibility is to express an opinion on the financial statements based on the audit.

inventory tag A tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.

inverse The opposite or reverse. An inverse relationship between two variables means that when one increases the other decreases.

investee The company in which an investment is held. Often used to describe an equity method investment, in which the investor reports a share of the investee's net income.

invoice An itemized list of goods shipped or services rendered with costs.

isb Independence Standards Board.

journal A book of original entry in a double-entry system. The journal lists all transactions and indicates the accounts to which they are posted.

just-in-time An inventory system that attempts to minimize inventory costs that do not add value for the customer. It arranges for suppliers to deliver small quantities of raw materials just before those units are needed in production. Storing, insuring, and handling raw materials are costs that add no value to the product, and so are minimized in a just in time system.

kiting Drawing a bank check on insufficient funds to take advantage of the time interval required for collection.

lapping A scheme to cover an embezzlement by using payments made by one customer to reduce the receivables balance of another customer.

lead schedule The schedule at the beginning of a section of audit working papers that summarizes the detailed schedules.

lifo "Last In First Out" inventory cost flow.

limit test (limit check). A computer program step that compares data with predetermined limits as a reasonableness test (hours worked over 60 per week).

liquidity The availability of cash or ability to obtain it quickly. Debt paying ability.

lockbox Also called a bank lockbox. A system used to speed the availability of funds from cash collections by reducing the time from the customer mailing the check until the funds are available to spend. Remittances are sent to a bank near the customer and the bank deposits funds speedily to the payee's account.