 | Term | Definition |
| |
attestation |
an auditors affiramtion of the fairness of financial statements and other informantion |
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audit |
a detailed, systematic investigation of a companys accounting records and procedures for the puropose of determingin the reliabilty of finaical reports |
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auditing standards |
procedures used in conducting an audit to help audiotors form an opinion about the fainess of the audited statements |
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discussion memorandum |
a document that identifies accounting issues and alternative approaches to resolving the issues |
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exposure draft |
a document that describes a proposed accounting standard |
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FASB conceptual framework |
a set of objectives, principals, and definitions to guide the development of new accounting standards |
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financial Accounting standards board [FASB] |
the primary organization for setting accounting standards for businesses in the US since 1973 |
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general accounting office (gao) |
the primary federal government agency that oversees accouning in the federal governemtn |
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going concern |
an organization with an indefinite life that is sufficiently long that, over time, all curently incomplete transactions will be completed |
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governmental accounting standards board (gasb) |
the organization taht sets accounting standards for state and local governemtnal units |
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internal controls |
procedures a company uses to protect its assets and ensure the accuracy of its accounting information |
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international accounting standards board (iasb) |
the organization that recommends accounting standards that it believes are appropritate for a broad range of global activities involving companies in many nations |
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managements discussion and analysis (md&a) |
a section on a coroporate annual report that explanins important events and changes in performance during the years presented in the financial statements |
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securities act of 1933 |
legislation that required most corporations to file registration statements before selling stock to investors |
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securities and exchange commission (sec) |
a federal agency that was given responsibility for overseeing external financial reporting by publicly traded corporations |
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securities exchange act of 1934 |
legislation that required corporations to provide annual financial reports to stock holders |
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statements of financial accounting standards |
fasb standards that establish acceptable accounting procedures or financial report content |
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