0-9
- 3PL.
- Acronym: 3LP
Type: Accounting
Definition: Third party logistics
- 10K Filing
- Acronym: 10K
Type: Accounting
Definition: Annual reports that must include audited financial statements
- 10Q Filing
- Acronym: 10Q
Type: Accounting
Definition: Quarterly reports that include unaudited financial statements
A
- Accounts Payable
- Acronym: AP
Type: Accounting
- Accounts Receivable
- Acronym: AR
Type: Accounting
- American Institute of Certified Public Accounts
- Acronym: AICPA
Type: Organization
- Automated Clearing House
- Acronym: ACH
Type: Accounting
Definition: An electronic network for financial transactions in the United States
B
- Benford’s Law
- Definition: Used for fraud detection. Benford’s Law, also called the First-Digit Law, refers to the frequency distribution of digits in many (but not all) real-life sources of data. In this distribution, the number 1 occurs as the leading digit about 30% of the time, while larger numbers occur in that position less frequently: 9 as the first digit less than 5% of the time. Benford’s Law also concerns the expected distribution for digits beyond the first, which approach a uniform distribution.
- Big 4
- Definition: The four largest international audit firma: Deloitte, PWC, Ernst & Young, KMPG
- Bill of Materials
- Acronym: BOM
Type: Accounting
Definition: A list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product
- Board of Directors
- Acronym: BOD
Type: Accounting
Definition: A body of elected or appointed members who jointly oversee the activities of a company or organization
C
- CAPX
- Acronym: CAPX
Type: Accounting
Definition: Capital expenditure
- Certified Fraud Examiner
- Acronym: CFE
Type: Certification
Definition: CFEs have a unique set of skills that combine knowledge of complex financial transactions with an understanding of methods, law, and how to resolve allegations of fraud. They are also trained to understand not only how fraud occurs, but why.
- Certified Information Security Manager
- Acronym: CISM
Type: Certification
Definition: Uniquely management-focused certification that promotes international security practices and recognizes those who manage, design, oversee, and assess an enterprise’s information security
- Certified Information Systems Auditor
- Acronym: CISA
Type: Certification
Definition: CISA designation is a globally recognized certification for IS (Information Systems) audit control, assurance and security professionals. Being CISA-certified showcases your audit experience, skills and knowledge, and demonstrates you are capable to manage vulnerabilities, ensure compliance, and institute controls within the enterprise.
- Certified Internal Auditor
- Acronym: CIA
Type: Certification
- Certified in Financial Forensics
- Acronym: CFF
Type: Certification
Definition: Forensic accounting combines accounting with information technology. Using sophisticated computer programs to analyze financial data and find evidence that would be legally valid during a court proceeding. Often forensic accounting is used to review financial records for mergers and acquisitions or a CFE may serve as an advisor to a corporation’s audit committee.
- Certified in Governance of Enterprise IT
- Acronym: CGEIT
Type: Certification
Definition: Certification means you have demonstrated the capability of bringing IT governance into an organization and that you understand the complex subject holistically and can enhance value to the enterprise
- Certified in Risk & Information Systems Control
- Acronym: CRISC
Type: Certification
Definition: Certification prepares and enables IT professionals for the unique challenges of IT and enterprise risk management
- Chartered Accountant
- Acronym: ACA
Type: Certification
Definition: CPA type of certification offered in England and internationally
- Committee of Sponsoring Organizations
- Acronym: COSO
Type: Audit
Definition: A joint initiative of the five private sector organizations (American Institute of CPA’s, Financial Executives International, The Association of Accountants & Financial Business Professionals, The Institute of Internal Auditors) listed on the left and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence.
- Customer relationship management
- Acronym: CRM
Type: Software
Definition: Software for managing a company’s interactions with current and future customers. It involves using technology to organize, automate and synchronize sales, marketing, customer service, and technical support
D
- Deloitte
- Acronym: DT or D&T
Type: Organization
Definition: One of the Big 4, headquartered in the United States
- Detailed Test Plan
- Acronym: DTP
Definition: Excel workbook summarizing the full year’s SOX testing plan. Also referred to as a “Consolidated RCM.” Teams can use a DTP for various purposea: viewing key controls at the consolidated level, specifying for each control the total number of samples to be tested during the year and breakout by quarters of testing (usually in accordance with the external auditors “Sample Size Matrix”), tracking completion status of testing at the quarterly or annual level, tracking results of testing at the quarterly or annual level, and can be used to provide client with status of testing at the quarterly or annual level.
E
- EGC
- Acronym: EGC
Type: Accounting
Definition: Emerging Growth Company
- ELC
- Acronym: ELC
Type: Accounting
Definition: Entity Level Controls
- Earnings Before Interest, Tax, Deprec. & Amort.
- Acronym: EBITDA
Type: Accounting
Definition: An approximate measure of a company’s operating cash flow based on data from the company’s income statement. Calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. The formula ia: EBITDA = Revenue – Expenses (excluding interest, taxes, depreciation and amortization)
- Emerging Issues Task Force
- Acronym: EITF
Type: Accounting
Definition: An organization formed in 1984 by the Financial Accounting Standards Board (FASB) to provide assistance with timely financial reporting. The EITF holds public meetings in order to identify and resolve accounting issues occurring in the financial world.
- Employee Stock Purchase Plan
- Acronym: ESPP
Type: Accounting
Definition: A company-run program in which participating employees can purchase company shares at a discounted price. Typically employees contribute to the plan through payroll deductions.
- Enterprise resource planning
- Acronym: ERP
Type: Software
Definition: A business management software—usually a suite of integrated applications—that a company can use to collect, store, manage, and interpret data from many business activities, includina: product planning-cost & development, manufacturing or service delivery, marketing & sales, inventory management, shipping & payment.
- Entity Level Control
- Acronym: ELC
Type: Audit
Definition: Internal controls that help ensure that management directives pertaining to the entire entity (company) are carried out. They are the second level of a “top-down approach” to understanding the risks of an organization.
- Equity & Stock Administration
- Acronym: ESA
Type: Audit
- Ernst & Young
- Acronym: EY or E&Y
Type: Organization
Definition: One of the Big 4, headquartered in the United Kingdom.
- eXtensible Business Reporting Language
- Acronym: XBRL
Type: Accounting
Definition: A freely available and global standard for exchanging business information. It is a standards-based way to communicate and exchange business information between business systems.
F
- Financial Accounting Standards Board
- Acronym: FASB
Definition: Private sector body that establishes GAAP for all non-government entities
- Financial Planning & Analysis
- Acronym: FP&A
Type: Accounting
- Financial Statement
- Acronym: FS
Type: Accounting
- Fix Asset
- Acronym: FA
Type: Audit
Definition: Fixed assets, also known as “tangible assets” or property, plant, and equipment (PP&E), is a term used in accounting for assets and property that cannot easily be converted into cash
- Foreign Corrupt Practices Act
- Acronym: FCPA
Type: Audit
Definition: Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials
G
- GITC
- Acronym: GITC
Type: Accounting
Definition: General IT controls (a.k.a. ITGC or IT General Controls)
- GST
- Acronym: GST
Type: Accounting
Definition: Goods and services tax
- General Ledger
- Acronym: GL
Type: Accounting
- General Public License
- Acronym: GPL
- Generally Accepted Accounting Principles
- Acronym: GAAP
Type: Accounting
H
- HRIS
- Acronym: HRIS
Type: Accounting
Definition: Human Resource Information Systems
- Human Resource & Payroll
- Acronym: HRP
Type: Audit
Definition: One of the SOX cycles
- Hyperion Financial Management
- Acronym: HFM
Type: Software
Definition: An Oracle product used for global financial consolidation, reporting, and analysis
I
- IT Application Controls
- Acronym: ITAC
Definition: Application controls refers to the transactions and data relating to each computer-based application system and are, therefore, specific to each such application. The objectives of application controls, which may be manual or programmed, are to ensure the completeness and accuracy of the records and the validity of the entries made therein.
- IT General Controls
- Acronym: ITGC
Definition: One of the SOX cycles. Controls that apply to all systems components for a business organization or information technology (IT) environment, includes access controls, computer operations, change management, and program development. The objectives of ITGCs are to ensure the proper development and implementation of applications, as well as the integrity of programs, data files, and computer operations.
- Intangible Assets
- Acronym: IA
- Internal Audit
- Acronym: IA
- International Accounting Standard
- Acronym: IAS
Type: Accounting
- Inventory
- Acronym: INV
L
- Lead Sheet
- Definition:
- Lightweight Directory Access Protocol
- Acronym: LDAP
Definition: An open, vendor-neutral, industry standard application protocol for accessing and maintaining distributed directory information services over an Internet Protocol (IP) network. Directory services play an important role in developing intranet and internet applications by allowing the sharing of information about users, systems, networks, services, and applications throughout the network. As examples, directory services may provide any organized set of records, often with a hierarchical structure, such as a corporate email directory.
M
- MW
- Acronym: MW
Definition: Material weakness
- Management Representation Letter
- Acronym: MRL
- Mergers & Acquisitions
- Acronym: M & A
O
- Open Action Item
- Acronym: OAI
- Operational Level Agreement
- Acronym: OLA
- Order to Cash
- Acronym: OTC
Type: Audit
Definition: Normally refers to the business process for receiving and processing customer sales
P
- Platform-as-a-Service
- Acronym: PaaS
Type: Accounting
- Point of Contact
- Acronym: POC
Definition: A person or a department serving as the coordinator or focal point of information concerning an activity or program
- PricewaterhouseCoopers
- Acronym: PwC
Type: Organization
Definition: One of the Big 4, headquartered in the United Kingdom
- Procure to Pay
- Acronym: PTP
Type: Audit
- Provided By Client
- Acronym: PBC
Definition: List of items (piece of information that are usually a document or file) that are provided by a client
- Public Company Accounting Oversight Board
- Acronym: PCAOB
R
- RPA
- Acronym: RPA
Definition: Robotic process automation
- Restricted Stock Units
- Acronym: RSUs
Type: Accounting
- Risk and Control Matrix
- Acronym: RCM
Type: Audit
Definition: Show the primary (key) and secondary (non-key) controls to be tested in the company. Basically a quick summary of our action plan, we document key controls and how we test these controls to cover areas of risk from the client company. The matrix will have extra details about what areas the control affects, description of risk mitigated by control, control owners, effective dates of the control, testing methodology, test findings, etc.
S
- SOC
- Acronym: SOC
Definition: Service organization control
- SOX 404A
- Acronym: SOX 404A
Definition: Section of SOX that pertains to Emerging Growth Companies
- SOX 404B
- Acronym: SOX 404B
Definition: Section of SOX that pertains to Accelerated Filers
- Sarbanes-Oxley
- Acronym: SOX
Type: Audit
Definition: U.S. federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It was named after sponsors U.S. Senator Paul Sarbanes and U.S. Representative Michael G Oxley.
- Service Organization Report
- Acronym: SSAE 16/SOC I Type II Report
- Single Sign On
- Acronym: SSO
Definition: A session/user authentication process that permits a user to enter one name and password in order to access multiple applications
- Statement on Auditing Standards
- Acronym: SAS
Type: Audit
Definition: Statements are issued by the Accounting Standards Board of the AICPA
T
- TOD
- Acronym: TOD
Definition: Test of design
- TOE
- Acronym: TOE
Definition: Test of effectiveness
- The Institute of Internal Auditors
- Acronym: IIA
Type: Organization
- Treasury & Cash Management
- Acronym: TCM
Type: Audit
W
- Work Paper/Test Paper
- Definition: Work papers are documents that are used to record results, evidence, and descriptions of testing and services performed for the client