Dual reporting is a critical practice for multinational companies that must prepare financial statements under multiple accounting standards, such as IFRS and U.S. GAAP.
A comprehensive look at the Eighth Company Law Directive, its historical context, provisions, and impact on auditor regulation in the European Union.
An Electronic Return Originator (ERO) is an authorized entity responsible for initiating the electronic submission of tax returns to the Internal Revenue Service (IRS), streamlining the filing process and improving accuracy.
An eligible employee is an employee who belongs to one of the targeted groups, meeting specific criteria for benefits and compliance.
An in-depth examination of Embedded Audit Facility, a computer-assisted audit technique allowing continuous auditing within a client's computerized accounting system.
Enforce refers to the act of ensuring compliance with a rule or law by implementing necessary measures.
A comprehensive definition and exploration of enforcement actions, their types, processes, and implications within regulatory frameworks.
An overview of enforcement actions taken by regulatory bodies to enforce compliance and penalize violations, including types, historical context, and related terms.
An Engagement Letter, also known as a Letter of Engagement, is a document used by auditors to define the scope of their responsibilities and provide written confirmation of their appointment.
Enhanced Due Diligence (EDD) is a set of rigorous processes and checks implemented to manage and mitigate risks associated with high-risk customers. This practice is vital in sectors like finance, banking, and insurance to fulfill regulatory requirements and combat financial crime.
An environmental audit assesses the environmental impact of an organization's activities to ensure compliance with environmental policies and promote sustainable practices.
Environmental Costs refer to the expenses associated with ensuring that a company's activities do not harm the environment or remedy any damage caused. These costs are becoming increasingly important due to stringent national regulations and severe penalties for non-compliance.
An in-depth look at Environmental Management Plans (EMP), their importance, implementation, categories, key events, and detailed explanations.
A comprehensive exploration of the Error of Principle in accounting, including historical context, types, key events, detailed explanations, examples, considerations, related terms, interesting facts, and more.
An exploration of the concept of Ethical Walls, including their historical context, types, importance, and applications in various fields.
A comprehensive guide to EU Directives, their historical context, types, key events, detailed explanations, and their importance in the European Union.
An in-depth look at EUROSOX, the European Union's corporate governance reform initiative, focusing on the Company Reporting Directive and the Statutory Audit Directive.
An in-depth exploration of the criteria and processes used by tax authorities to select tax returns for examination or audit.
Explore the expectations gap, especially in the context of auditing, including its historical context, types, key events, detailed explanations, models, charts, importance, applicability, examples, related terms, comparisons, facts, quotes, jargon, FAQs, references, and summary.
An in-depth exploration of the Expected Deviations Rate, its significance in auditing, calculation methods, importance, related terms, historical context, and practical examples.
A comprehensive guide on FBAR, its historical context, requirements, importance, and applicability for U.S. persons.
The Foreign Corrupt Practices Act (FCPA) of 1977 is a U.S. law aimed at preventing the bribery of foreign officials and improving the transparency of accounting practices.
The Federal Acquisition Regulations (FAR) are comprehensive guidelines that govern the acquisition process by which the U.S. federal government procures goods and services.
The process by which the federal government purchases goods and services from the private sector, ensuring compliance with legal and regulatory frameworks.
A comprehensive guide to the Federal Records Act, including its historical context, key events, importance, applicability, and detailed explanations.
The FFIEC is an interagency body responsible for establishing uniform principles and standards for the examination of financial institutions in the United States.
The filing date is the date when a document is officially submitted to the Securities and Exchange Commission (SEC), marking its official entry into the public record.
A detailed and thorough audit conducted after the closure of a financial year to ensure all financial records and statements are accurate and in compliance with accounting standards and regulations.
A financial accountant focuses on preparing financial statements and reports for external stakeholders. This role is crucial for ensuring the accuracy and compliance of an organization's financial information.
Financial auditing involves an independent, objective evaluation of a company's financial statements to ensure accuracy and compliance with accounting standards and regulations.
A comprehensive guide to the role of a Financial Auditor, covering historical context, responsibilities, key events, models, importance, examples, related terms, and more.
Comprehensive guide on Financial Reporting Release (FRR), its historical context, importance, applicability, and detailed explanations.
A comprehensive overview of Financial Reporting Releases (FRRs) issued by the SEC, covering historical context, types, key events, importance, examples, and related terms.
An in-depth look at the Financial Reporting Review Panel (FRRP), its role in regulatory compliance, and its impact on financial reporting standards.
Comprehensive coverage of Financial Reporting Standards (FRS), including historical context, key events, detailed explanations, importance, applicability, examples, related terms, comparisons, interesting facts, FAQs, and references.
Comprehensive overview of financial reporting standards, including their history, types, key events, detailed explanations, importance, applicability, and related terms.
A comprehensive examination of a company's financial statements to ensure their accuracy and compliance with accounting standards, thereby providing confidence to stakeholders.
Financial Verification is a meticulous process aimed at ensuring the accuracy and truthfulness of financial information, which is crucial in various fields including banking, investments, accounting, and government regulations.
An in-depth look at FINRA, its role, responsibilities, historical context, key events, regulations, and its impact on the financial industry.
The First Named Insured is the primary person or entity listed on an insurance policy responsible for policy management and compliance.
Comprehensive coverage of the Foreign Corrupt Practices Act (FCPA), a U.S. law that prohibits American companies and individuals from bribing foreign officials. Includes historical context, key events, explanations, and examples.
The Foreign Corrupt Practices Act 1977 is a key US legislation outlawing bribery and corruption by US companies in their overseas operations. The 1998 amendment extended the scope to actions by foreign citizens and companies on US territory.
Detailed annual report filed with the SEC by publicly traded companies, containing audited financial statements and comprehensive details.
An in-depth comparison of Form 10-K and Form 10-Q, highlighting their purposes, key differences, requirements, and importance in financial reporting.
An in-depth look at FORM 20-F, its historical context, requirements, key events, categories, and importance for non-US companies filing annual results with the SEC.
Learn about IRS Form 8821, which authorizes a representative to receive confidential tax information without granting the power to represent the taxpayer before the IRS.
An in-depth exploration of the Form Over Substance Doctrine, its historical context, applications, and implications.
An in-depth exploration of Form U4, used by broker-dealers, investment advisers, and issuers to register and update the registration of their personnel.
A comprehensive overview of formal notifications, required by law or agreements to inform parties of legal actions, corporate meetings, and other important events.
A comprehensive look at FRANKED SORPS and their importance in the context of Statements of Recommended Practice (SORPS).
A comprehensive guide to the two meanings of franking - the endorsement process by the Financial Reporting Council (FRC) and the application of postage to mail using a meter.
A comprehensive overview of the mechanisms, importance, methodologies, and technologies used in identifying and addressing fraudulent activities.
A comprehensive guide to understanding the processes, methods, and significance of fraud examination, including historical context, types, examples, and applicability.
The Financial Reporting Manual (FReM) provides the framework for financial reporting in the UK public sector.
Financial Reporting Standards (FRS) are designed to guide the preparation of financial statements to ensure transparency, reliability, and consistency.
An in-depth look at the Financial Reporting Standard for Smaller Entities, its significance, key components, historical development, and practical applications.
A full audit is a thorough and detailed examination of financial records aiming to verify accuracy, completeness, and compliance with legal and regulatory standards.
Functional Regulation is a principle established by the Gramm-Leach-Bliley Act (GLBA), ensuring that different aspects of financial services are regulated by the appropriate authorities.
Comprehensive overview of GAAP, including historical context, principles, applicability, and examples.
Comprehensive guide on Generally Accepted Auditing Standards (GAAS), including history, types, key principles, and applications in auditing practice.
An in-depth look at the Gramm-Leach-Bliley Act (GLBA), including its historical context, key components, impact on financial regulations, compliance requirements, and more.
The GLEIF is a not-for-profit organization that oversees the implementation and integrity of the LEI system. It coordinates with Local Operating Units (LOUs) to ensure the smooth operation and global adoption of Legal Entity Identifiers (LEIs).
Governmental Accounting refers to a type of accounting specifically designed for government entities, focusing on tracking financial activities and ensuring compliance with state and federal regulations.
GRC refers to an integrated approach that ensures an organization effectively manages its governance, risk, and compliance processes.
Green Audit, also known as Environmental Audit, is a detailed examination of an organization's environmental practices, sustainability efforts, and compliance with environmental regulations. It identifies areas for improvement and ensures adherence to environmental policies.
The Hatch Act of 1939 restricts political activity by federal employees to ensure ethical conduct and prevent undue political influence within the federal workforce.
Hazard Analysis is the process of identifying potential safety risks in a product.
Understanding Highly Compensated Employees (HCE) is crucial for compliance with retirement plan regulations. This entry covers HCE definition, historical context, and the importance in retirement plans.
HM Revenue and Customs (HMRC) is the UK government department responsible for tax collection and enforcement, ensuring compliance with tax laws and regulations.
Detailed exploration of the Internal Control Questionnaire (ICQ), its importance, uses, types, and related concepts.
The International Financial Reporting Interpretations Committee (IFRIC) issues interpretations of accounting standards under International Financial Reporting Standards (IFRS).
A comprehensive overview of International Financial Reporting Standards (IFRS), their historical context, significance, types, key events, formulas, diagrams, applicability, examples, related terms, interesting facts, and more.
Comprehensive coverage of the Institute of Internal Auditors, its history, functions, and relevance in modern governance.
Income Tax Month refers to the crucial period during which individuals and businesses prepare and file their income tax returns. This time involves various responsibilities, crucial deadlines, and financial strategies to ensure compliance with tax laws.
An extensive exploration of Industrial Licensing, detailing its history, categories, regulatory frameworks, importance, and real-world applications.
An Ineligible Group refers to a collection of companies that do not qualify for certain exemptions, such as the medium-sized company filing exemption, due to the inclusion of a non-qualifying company within the group.
An Information Systems Audit involves evaluating the management controls within an IT infrastructure to ensure efficiency, security, and compliance.
The Institute of Chartered Secretaries and Administrators (ICSA) represents professionals dealing with corporate governance and compliance. Founded in 1891 and granted a Royal Charter in 1902, it boasts 36,000 members across 70 countries, marking it as the world’s leading authority in the field.
An Internal Audit is conducted within an organization to ensure that internal controls are effective and operations comply with regulations and standards. It covers financial matters and other concerns like safety, health, and equal opportunities.
A detailed understanding of Internal Audit Reports, conducted by internal employees for evaluating internal controls and processes rather than independent CPAs.
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
An internal auditor is a key member of an organization's internal audit department, responsible for assessing and ensuring the effectiveness of internal controls, risk management, and governance processes.
Scheduled evaluations conducted to ensure adherence to internal policies and procedures.
A comprehensive guide to understanding and mitigating internal control risks within organizations, including historical context, types, key events, mathematical models, and real-world examples.
An internal control system is a comprehensive framework established by management to ensure orderly, efficient business operations, adherence to policies, safeguarding of assets, and accurate record-keeping.
Comprehensive guidelines set by the International Federation of Accountants (IFAC) to ensure uniformity, transparency, and quality in the global auditing process.
Intra Vires refers to actions taken by an individual or organization that are within the scope of their legally designated authority.
A comprehensive overview of IRC Section 409A, which regulates the treatment of deferred compensation in the U.S. tax code.
An in-depth review by the IRS of an individual's or organization's accounts and financial information to ensure that all information is accurately reported according to tax laws.
IRS Form W-9 is a document used in the United States by individuals and entities to provide their Taxpayer Identification Number (TIN) to the requester for tax purposes.
A comprehensive guide to understanding IRS guidelines, their historical context, types, key events, detailed explanations, applicability, and more.
Free resources provided by the U.S. Internal Revenue Service (IRS) that are informative but less comprehensive than CCH's expert analyses.
A comprehensive guide to IRS Regulations, the guidelines issued by the Internal Revenue Service (IRS) to implement and clarify the Internal Revenue Code (IRC).
Professional standards for auditing financial statements, developed by the IAASB.
International Standards on Auditing (ISAs) are the core standards issued by the International Auditing and Assurance Standards Board (IAASB). These standards set out the basic principles and essential procedures that auditors must follow during the audit of financial statements.
Comprehensive coverage of ISO 9001, an international standard for quality management systems, including historical context, key events, and detailed explanations.
Know Your Customer (KYC) is a process in which businesses verify the identity of their clients as part of Anti-Money Laundering (AML) protocols. This process is crucial to ensure that clients are who they claim to be and helps in preventing fraudulent activities.
KYC (Know Your Customer) refers to the procedures financial institutions utilize to verify their customers' identities and prevent illegal activities such as money laundering and fraud.
Exploring the concept of legality, its definition, types, historical context, applicability, related terms, FAQs, and references.
A Long-Form Audit Report provides a detailed and extensive explanation of an organization's financial health, including thorough descriptions of audit findings and recommendations for improvement.
