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Auditor's Report
An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance services, assurance service in order for the user to make decisions based on the results of the audit. Auditor's reports are considered essential tools when reporting financial information to users, particularly in business. Many third-party users prefer, or even require financial information to be certified by an independent external auditor. Audit reports derive value from increasing the credibility of financial statements, which subsequently increases investors' reliance on them. In the government, legislative and anti-corruption entities use audit reports to keep track of the actions of public administrators on behalf of citizens. Therefore auditing reports are a check mechanism on behalf of the citizen, to ensure that public finances, resources and trust are managed in entities cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disclaimer
A disclaimer is generally any statement intended to specify or delimit the scope of rights and obligations that may be exercised and enforced by parties in a legally recognized relationship. In contrast to other terms for legally operative language, the term ''disclaimer'' usually implies situations that involve some level of uncertainty, waiver, or risk. A disclaimer may specify mutually agreed and privately arranged terms and conditions as part of a contract; or may specify warnings or expectations to the general public (or some other class of persons) in order to fulfill a duty of care owed to prevent unreasonable risk of harm or injury. Some disclaimers are intended to limit exposure to damages after a harm or injury has already been suffered. Additionally, some kinds of disclaimers may represent a voluntary waiver of a right or obligation that may be owed to the disclaimant. Disclaimers vary in terms of their uniformity. Some may vary depending on the specific context and pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Going Concern
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two). The presumption of going concern for the business implies the basic declaration of intention to keep operating its activities at least for the next year, which is a basic assumption for preparing financial statements that comprehend the conceptual framework of the IFRS. Hence, a declaration of going concern means that the business has neither the intention nor the need to liquidate or to materially curtail the scale of its operations. Continuation of an entity as a going concern is presumed as the basis for financial reporting unless and until the entity's liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity reports on the changes in equity of the company over a stated period. # A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity. The scope of internal auditing within an organization may be broad and may involve topics such as an organization's governance, risk management and management controls over: efficiency/effectiveness of operations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agreed Upon Procedure
Agreement may refer to: Agreements between people and organizations * Gentlemen's agreement, not enforceable by law * Trade agreement, between countries * Consensus (other), a decision-making process * Contract, enforceable in a court of law ** Meeting of the minds (a.k.a. mutual agreement), a common understanding in the formation of a contract * Pact, convention, or treaty between nations, sub-national entities, organizations, corporations Arts and media *''Agreement'', a 1978 book of poetry by Peter Seaton * ''Agreement'' (film), a 1980 Bollywood film Science and mathematics * Agreement (linguistics) or ''concord'', a change in the form of a word depending on grammatical features of another word * Consistency, logical agreement between two or more propositions * Reliability (statistics) in the sense of, for example, inter-rater agreement Other uses * Agreement (political party), a Polish political party * Operation Agreement, a British 1942 military operation during ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 10-K
A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy " annual report to shareholders", which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document). The 10-K includes information such as company history, organizational structure, executive compensation, equity, subsidiaries, and audited financial statements, among other information. Companies with more than $10 million in assets and a class of equity securities that is held by more than 2000 owners must file annual and other periodic reports, regardless of whether the securities are publicly or privately traded. Up until March 16, 2009, smaller companies could use Form 10-KSB. If a shareholder requests a company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 10-Q
Form 10-Q, (also known as a 10-Q or 10Q) is a quarterly report mandated by the United States federal Securities and Exchange Commission, to be filed by publicly traded corporations. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, the 10-Q is an SEC filing that must be filed quarterly with the US Securities and Exchange Commission. It contains similar information to the annual form 10-K, however the information is generally less detailed, and the financial statements are generally unaudited. Information for the final quarter of a firm's fiscal year is included in the 10-K, so only three 10-Q filings are made each year. These reports generally compare last quarter to the current quarter and last year's quarter to this year's quarter. The SEC put this form in place to facilitate better informed investors. The form 10-Q must be filed within 40 days for large accelerated filers and accelerated filers or 45 days after the end of the fiscal quarter for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Forecast
A financial forecast is an estimate of future financial outcomes for a company or project, usually applied in budgeting, capital budgeting and/or valuation. Depending on context, the term may also refer to listed company (quarterly) earnings guidance. For a country or economy, see Economic forecast. Typically, using historical internal accounting and sales data, in addition to external industry data and economic indicators, a financial forecast will be the analyst's modeled prediction of company outcomes in financial terms over a given time period. For the components / steps of business modeling here, see . Arguably, the key aspect of preparing a financial forecast is predicting revenue; future costs, fixed and variable, as well as capital, can then be estimated as a function of sales via "common-sized analysis" - where relationships are derived from historical financial ratios and other accounting relationships. At the same time, the resultant line items must talk to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Audit
An environmental audit is a type of evaluation intended to identify environmental compliance and management system implementation gaps, along with related corrective actions. In this way they perform an analogous (similar) function to financial audits. There are generally two different types of environmental audits: compliance audits and management systems audits. Compliance audits tend to be the primary type in the US or within US-based multinationals. Environmental compliance audits Compliance obligations can be considered as applicable laws and regulations. Environmental compliance audits are intended to review the site's/company's legal compliance status in an operational context. Compliance audits generally begin with determining the applicable legal compliance requirements against which the operations will be assessed. This tends to include federal regulations, state regulations, permits and local ordinances/codes. In some cases, it may also include requirements within l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Due Diligence
Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or contract with another party or an act with a certain standard of care. Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. The theory behind due diligence holds that performing this type of investigation contributes significantly to informed decision making by enhancing the amount and quality of information available to decision makers and by ensuring that this information is systematically used to deliberate on the decision at hand and all its costs, benefits, and risks. Development of the term The term "due diligence" can be read as "required carefulness" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 9000
The ISO 9000 family is a set of international standards for Quality (business), quality management systems. It was developed in March 1987 by International Organization for Standardization. The goal of these standards is to help organizations ensure that they meet customer and other Stakeholder (corporate), stakeholder needs within the statutory and regulatory requirements related to a product or service. The standards were designed to fit into an integrated management system. The ISO refers to the set of standards as a "family", bringing together the standard for quality management systems and a set of "supporting standards", and their presentation as a family facilitates their integrated application within an organisation. ISO 9000 deals with the fundamentals and vocabulary of QMS, including the seven quality management principles that underlie the family of standards. ISO 9001 deals with the requirements that organizations wishing to meet the standard must fulfill. A companion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandals
Accounting scandals are business scandals that arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities; these can be detected either manually, or by means of deep learning. It involves an employee, account, or corporation itself and is misleading to investors and shareholders. This type of "creative accounting" can amount to fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution. Two types of fraud Misappropriation of assets Misappropriat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
