The Audit

Abstract

The value of the audit process to libraries is examined and questioned. Although generally accepted accounting principles (GAAP) are followed by accountants in all fields, these policies and procedures are not always relevant for serials, particularly electronic journals. Adhering to these best practices does little to achieve professed goals and desired outcomes.

Keywords:

• audit
• generally accepted accounting principles
• GAAP
• invoicing
• accrual accounting
• prepayments