What does it mean to “tick and tie” the financial statements?
This is slang phrase that relates to performing the financial statement tie-out. Basically, someone on the audit team would agree or “tie” each number in the financial statements back to the audit workpapers.
The company would use trial balance detail to prepare their financial statements, and the audit team would use trial balance detail to create their lead schedules, to the audit team would typically reconcile the financial statements back to lead schedules.
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