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ABA
American Bar Association
AICPA
American Institute of Certified Public Accountants
BaFin
Germany: financial regulator
CII
Council of Institutional Investors
Control Activities
One of five components of internal control according to the COSO Internal Control Framework. Also known as Control procedures.
Control policies and procedures to ensure actions identified as necessary for risk assessment are carried out. They have to be both established and executed for their effectiveness to be established. Control activities are made up of two elements, policies and procedures.
Control Environment
One of five components of internal control according to the COSO Internal Control Framework
Senior management have to set the tone at the top, that positively influences the control consciousness of entity personnel. Discipline and structure are generated by the control environment and is the central building block for the other components of internal control.
COSO
Committee Of Sponsoring Organizations of the Treadway Commission
COSO Framework
Most widely used framework to assess the effectiveness of internal control.
Cox, Christopher
Chairman of the Securities and Exchange Commission. Confirmed in 2005.
CPAB
Canada: Canadian Public Accounting Board
CPS
Crown Prosecution Service
Data Integrity
Accuracy and reliability of published and non-published information maintenance.
Deferred Prosecution
U.S. legal deal where in response for public acknowledgement and/or payment of a fine/restitution and/or co-operate in ongoing investigations, corporations can escape prosecution. Should the corporation comply with the conditions in the agreement for a specified period, the indictment is dismissed.
DHS
Department of Homeland Security
Disclaimed Opinion
Report by an auditor that it is unable to express an opinion regarding a company's internal control over financial reporting.
An example is from Deloitte And Touche at Cray "Because of the limitation on the scope of our audit described in the second paragraph of this report, the scope of our work was not sufficient to enable us to express, and we do not express an opinion o management's assessment referred to above."
Donaldson, William
Former chairman of the Securities and Exchange Commission
DTI
Department of Trade and Industry
ECB
European Central Bank
ECMA
Enterprise Content Management Association
EPA
Environmental Protection Agency
ERFRAG
European Financial Reporting Advisory Group
FASAC
Financial Accounting Standards Advisory Council
FASB
Financial Accounting Standards Board
FFS
South Korea: Financial Supervisory Service
Financial Accounting Standards Advisory Council
Overseer of the Financial Accounting Standards Board.
Financial Reporting
Defined by the COSO Framework as:-
The preparation of reliable published financial statements, including interim and condensed financial statements and selected financial data derived from such statements, such as earnings releases, reported publicly.
Financial Supervisory Commission
Taiwan: financial regulator
GAAP
Generally Accepted Accounting Principles.
GAO
Government Accountability Office
Grant Date
Stock Options:- "The date at which an employer and an employee reach a mutual understanding of the key terms and conditions of a share-based payment award." Defined in SFAS No 123 (Revised 2004) (123R)
HMRC
Her Majestys Revenues and Customs
IAPP
International Association of Privacy Professionals
IFRS
International Financial Reporting Standards
IFRS 3
Accounting standard for "business combinations" or Merger and Acquisitions transactions. First standard written jointly by International Accounting Standards Board and the U.S. Financial Accounting Standards Board.
IISP
Institute of Information Security Professionals
Information Systems Audit and Control Association
Publisher with Information Technology Governance Institute of the IT Control Objectives for Sarbanes-Oxley.
Information Technology Governance Institute
Publisher with Information Systems Audit and Control Association of the IT Control Objectives for Sarbanes-Oxley.
Integrity and Ethics
Reside under the Control Environment. The senior management need to set the tone for the company. Whilst they might be considered "soft" and "intangible" concepts, they affect the design, administration and monitoring of other internal controls. According to COSO, the actions of management is more important than having them written down.
Negative examples of integrity and ethics are the infamous Enron and WorldCom scandals.
A positive example is BP which sets a high bar for ethical behaviour by employees. To back this policy up they make mention of it and its effectiveness in financial reports.
ISACA
Information Systems Audit and Control Association
ISDA
International Swaps and Derivatives Association
ITA
Information Technology Architecure
NASPP
National Association of Stock Plan Professionals
NIAP
National Information Assurance Partnership
NIST
National Institute of Standards and Technology
NNSP
National Nuclear Security Administration
NTS
South Korea: National Tax Service
OEA
Office Of Economic Analysis
Office Of Economic Analysis
Department of the SEC.
PCAOB
Public Company Accounting Oversight Board
Privacy Protection
Creating and maintaining digital and/or physical barriers around an individual's personal information to prevent unauthorized access.
Private Securities Litigation Reform Act of 1996
US legislation allowing companies avoid liability of inaccurate forward-looking statements as long as the statement is identified as forward-looking and are accompanied by "meaningful cautionary statements".
PSLRA
Private Securities Litigation Reform Act of 1996
Public Company Accounting Oversight Board
Organization set up under Sarbanes-Oxley Act 2002 to regulate auditing of public companies and auditors.
Quiet Period
Period of time prior to a registered offering when rules apply over what companies and executives can and can not say.
Regulation FD
Regulation Fair Disclosure
Rule enforced by the SEC requiring U.S. to make available to the public that they make to securities analysts. If the disclosure is intentional the release has to be simultaneous. Unintentional disclosure has to be made available to the public within 24 hours.
Rule 13a-15 (e)
SEC rule which defines Disclosure Controls and Procedures.
Rule 13a-15 (f)
SEC rule which defines Internal Control over Financial Reporting
SCSE
Society of Corporate Compliance and Ethics
SEC
Securities and Exchange Commission.
Section 104
Section of the Sarbanes-Oxley Act requiring the PCAOB to inspect registered public accounting firms on a regular basis
Section 302
Section of the Sarbanes-Oxley Act of 2002 requiring a certification to accompany each quarterly and annual report filed with the SEC.
Section 404
Section of the Sarbanes-Oxley Act of 2002 mandating CEOs and CFOs of public companies to evaluate and report on the effectiveness of an entity's internal control over financial reporting.
SFAS 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
Significant Deficiency
An internal control deficiency that adversely affects the entity's ability to initiate, record, process, or report external financial data reliably in accordance with generally accepted accounting principles (GAAP). A significant deficiency could be a single deficiency or a combination of deficiencies, that results in more than a remote likelihood that a misstatement of the annual or interim financial statements that is more than inconsequential in amount will not be prevented or detected.
SOX
Shorthand for Sarbanes-Oxley.
Statement No. 123R
FASB Statement of Financial Accounting Standards No. 123, Share-Based Payment. Requires companies to recognize compensation paid in the form of employee stock options as a cost in their financial statements.
TOCOM
Tokyo Commodity Exchange
Trichet, Jean-Claude
President of the European Central Bank
TSE
Tokyo Stock Exchange
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