- Industria: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
Established the Public Company Accounting Oversight Board and added requirements for publicly traded companies, their officers, boards and auditors. It increased penalties for corporate financial fraud.
Industry:Accounting
Is an agency that administers Federal securities laws which require disclosure of information about publicly traded securities. The SEC investigates securities fraud and regulates securities exchanges and brokers.
Industry:Accounting
The professional organisation of CPAs in the U.S. It is a private organisation of CPAs, not an arm of the government. Each state issues CPA certificates, not the AICPA. Since each state makes its own laws, each state could prepare and grade their own CPA examination. However, each state uses the uniform CPA exam prepared and graded by the AICPA.
Industry:Accounting
Statements on Auditing Standards are issued by the auditing standards board, the body of the AICPA designated to issue auditing pronouncements.
Industry:Accounting
A mathematic law applying to all kinds of numbers derived from other numbers (such as dollar amount of sales, found by multiplying the quantity sold times with unit price). It holds a 30% of the time of first non-zero digit of this number derived that will be unique, and will be just nine only of 4.6% of the time. Benford's law is used by auditors to identify fictitious kinds of numbers.
Industry:Accounting
Are records kept by the auditor of procedures applied, tests performed, information obtained, and pertinent conclusions reached in the engagement. The documentation provides the principal support for the auditor's report.
Industry:Accounting
A compilation is presenting in the form of financial statements information that is the representation of management without expressing assurance. Compilation of a financial projection is assembling prospective statements based on assumptions of a responsible party, considering appropriateness of presentation, and issuing a compilation report. No assurance is provided on the statements or underlying assumptions. The accountant need not be independent.
Industry:Accounting
An offsetting balance. A requirement by some banks that a borrower maintain a minimum balance in a checking or savings account as a condition of a loan. The offsetting balance increases the effective interest rate to the bank since the net amount loaned is reduced but the interest paid is unchanged.
Industry:Accounting
Are alternative ways of reporting and disclosing information in financial statements and related footnotes.
Industry:Accounting
Arrangement or grouping. Assets and liabilities are normally classified as current or noncurrent.
Industry:Accounting
