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liquidity n 1) the possession of sufficient liquid assets to dis- charge current liabilities;

2) the state or quality of being liquid

loan n 1) the act of lending the loan of a car;

2) Bank. & FIN a/ property lent, esp. money lent at inter- est for a period of time;

b/ M loan holder

loan v to lend (something, esp. money)

Usage Note: the verb loan is well established in American usage and cannot be considered incorrect. The frequent objections to the form by

American grammarians may have originated from a pro-

vincial deference to British critics, who long ago labeled the usage a typical American- ism. Loan is, however, used to describe only physical trans- actions, as of money or goods; for figurative transactions, lend is correct: Distance lends enchantment. The allusions lend the work a classical tone.

loaner n 1) someone who lends money or gives credit in busi- ness matters;

2) a car that is lent as a re- placement for one that is under repair

long-term [fixed] obligation

[liability] noun phrase f i- nance maturing after a long period of time

M abbrev. Vid misstatement n

mail audit(s) noun phrase sing. & pl. the audit complet- ed through the mail if a physi- cal audit isn’t performed; it includes supporting records, such as copies of tax reports.

and goals of procedures, with an eye toward improving ef- ficiency. A management audit may recommend changes in procedures resulting from ob- served inefficiencies in exist- ing procedures.

management of IT and enterprise architecture audit(s) noun phrase sing. & pl. it is to verify that IT management has developed an organiza- tional structure and proce- dures to ensure a controlled and efficient environment for information processing.

marginal cost noun phrase abbrev. MC cost added by producing one extra item of a product

market analyst noun phrase an analyst of conditions affecting a market (esp. the stock mar- ket)

MC abbrev. Vid marginal cost noun phrase

misstate v to state incorrectly, to give a false account of: to misstate financial informa- tion, auditing

misstatement n abbrev. M the difference between the re- quired amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair pre- sentation, as per the applica- ble accounting framework

monitoring verbal noun the act of observing something (and sometimes keeping a record of it): The monitoring of enemy

communications plays an important role in war times.

mortgage n 1) an agreement under which a person bor- rows money to buy property, esp. a house, and the lender may take possession of the property if the borrower fails to repay the money;

2) the deed effecting such an agreement;

3) the loan obtained under such an agreement: a mortgage of £48,000;

4) a regular payment of mon- ey borrowed under such an agreement: a mortgage of £247 per month

mortgage v to pledge (a house or other property) as security for the repayment of a loan

NAA abbrev. AmE Vid National Association of Accountants, the AmE

NACA ­abbrev. AmE Vid

­National Association of Cost

Accountants, the AmE

NACVA abbrev­ . AmE Vid

National­ Association of Cer- tified Valuation Analysts, the

AmE

National Association of Accountants, the AmE abbrev. NNA AmE is was established in Buffalo, New York in 1919 and was previosly given the name of National Association of Cost Accountants (NACA); its main role was to support cost accountants by promoting knowledge and competence. Also, the organization aimed to help them understand their objectives in management.

Later, the name was changed

to the National Association of

Accountants (NAA) in 1957. Thereafter in 1991 the group changed its name to what is now the Institute of Management Accountants (IMA).

National Association of Certi- fied Valuation Analysts, the

AmE abbrev. NACVA AmE a group of business professionals that provides valuation and litigation services for various types of business transactions; it was founded in 1991 and is headquartered in Salt Lake City, Utah. Its mem- bers receive training, educa- tion, and certification in asset valuation disciplines that they put to use in their respective professions. The organiza- tion also enforces standards of ethical conduct among its members.

National Association of Cost

Accountants, the abbrev.

NACA AmE Vid National Association of Accountants, the

AmE

net income noun phrase Vid revenue(s) n sing. & pl.

net revenue noun phrase Vid revenue(s) n sing. & pl.

net worth noun phrase value remaining after subtracting the liabilities from the assets of a company or an individual

N-Notice(s) n sing. & pl. it is generally issued to announce a singular event, such as an update to a previously issued tax form or instruction or to announce a new due date for filing returns and making pay- ments of tax because of a nat- ural disaster: The Department does not revise previously issued N-Notices.

NOCLAR abbrev. Vid non-com- pliance with laws and regulations noun phrase

having no educational attain- ment requirement unlike a cer- tified accountant; the high cost of hiring the services of certi-

fied accountants has created opportunities for non-certified accountants. a smaller com- pany with a limited budget usually prefers non-certified accountants to lessen the fi- nancial burden. The fact that they are not certified does not mean they do not have enough skills as the rest.

non-compliance with laws and regulations noun phrase abbrev. NOCLAR it is defined by the new standard as comprising acts of omission, intentional or unintentional, com- mitted by a client or by those charged with governance, by management, or by other indi- viduals working for or under the direction of a client which are contrary to the prevailing laws and regulations.

novice n, a. beginner n abbrev. BGN, absolute beginner noun phrase abbrev. AB someone who has no ex- perience in a skill, subject, or activity

no-win situation noun phrase it relates to a situation in which whatever you choose to do, it will have a bad re- sult; cf. win-win situation noun phrase

obligation n 1) a moral or legal requirement, duty;

2) the act of obligating or the state of being obligated;

3) L a legally enforceable agreement to perform some act, esp. to pay money, for the benefit of another party

obligee n 1) L a person in whose favour an obligation, contract, or bond is created; creditor; 2) L a person who receives a bond

Office of Management and

Budget, the AmE abbrev. OMB, the AmE; full name:

Executive Office of the Pres- ident, Office of Manage- ment and Budget, the AmE a Cabinet-level office and the largest office within the Exec- utive Office of the President of the United States (EOP)

Commentary

History

The Bureau of the Budget,

OMB’s predecessor, was es- tablished as a part of the De- partment of the Treasury by the Budget and Accounting

Act of 1921. The Bureau of the Budget was moved to the

EOP in 1939, and reorganized into OMB in 1970 during the

Nixon administration. The first OMB included Roy Ash (head), Paul O’Neill (assistant director), Fred Malek (deputy director) and Frank Zarb (as- sociate director) and two doz- en others. In the 1990s, OMB was reorganized to remove the distinction between man- agement staff and budgetary staff by combining those dual roles into each given program examiner within the Resource Management Offices.

Mission

The OMB’s predominant mis- sion is to assist the President in overseeing the preparation of the federal budget and to supervise its administration in Executive Branch agencies. In helping to formulate the

President’s spending plans, the OMB evaluates the effec- tiveness of agency programs, policies, and procedures, assesses competing funding demands among agencies, and sets funding priorities. The OMB ensures that agency reports, rules, testimony, and proposed legislation are con- sistent with the President’s

Budget and with Administration policies.

In addition, the OMB oversees and coordinates the Adminis- tration’s procurement, finan- cial management, information, and regulatory policies. In each of these areas, the OMB’s role is to help improve administrative management, to develop better performance measures and coordinating mechanisms, and to reduce any unnecessary burdens on the public.

OLAF ­abbrev. Fr. Vid European

Anti-Fraud Office, the Fr.: Office européen de lutte anti- fraude

OMB, the abbrev. AmE Vid Of- fice of Management and Bud- get, the AmE

OMB A-133 audit, the AmE Of- fice of Management and Bud- get A-133 audit, the AmE Vid single audit, the noun phrase

on the fly noun phrase

1) Tech. while a computer pro- gram is actually running: The code is translated on the fly; 2) while dealing with a situa- tion rather than before solving the problem;

3) ADT during the onsite audit, the auditor can sometimes do sampling on the fly, i.e. picking the sample during the meeting, and then only sample evidence would be requested for examination.

onsite audit noun phrase during an onsite audit, an auditor would usually have a meeting with someone who has access to the assets; the meeting’s goal is to identify them and ensure that the auditor obtained the requested information without any interference. During the meeting, the assets would be presented, and key artifacts (logs,screenshots, config files, etc.) would be provided (sent by e-mail, cop-

ied to a thumb drive,etc.) to the auditor for further examination.The audit conclusion would come from the examination results.

operating life noun phrase syn.: life cycle; lifetime a product’s service life which is its expected lifetime, or the acceptable period of use in service

operational [performance; management] audit noun phrase a measurement and report of the effectiveness and results of certain business procedures.

Commentary

Operational audits are usually performed internally, and check to see that pro- cedures have their intended effect. Unlike a compliance audit, which simply ensures that procedures are being followed, operational audits challenge the assumptions and goals of procedures, with an eye toward improving effi- ciency. An operational audit may recommend changes in procedures resulting from ob- served inefficiencies in exist- ing procedures

opinion shopping noun phrase it is a term used by external auditors and, after the Enron and Arthur Andersen accounting scandals, the media and general public to refer to au- ditees who contract or reject auditors based on the type of opinion report they will issue on the auditee.

Commentary

The underlying principles of this concept are that auditees determine the compensation to auditors for their work

(called “audit fees”) as well as awarding future audit en- gagements; that such fees are the auditor’s main source of income; that certain auditees may try to contract auditors that will issue audit opinions based on the auditees’ needs; and that certain auditors are willing to comply with such demands so long as they are assured future audit engagements. The most common example is an auditee that knows that the current audi- tor is going to issue a quali- fied, adverse, or disclaimer of opinion report, who then rescinds the audit engagement before the opinion is issued, and subsequently “shops” for another auditor who is willing

to issue an “unqualified” opinion, regardless of any qualifying situations mentioned in the previous sections. However, opinion shopping is not limited to auditees contracting auditors based on issuing opinions. It also includes auditors who are over-pleasing to auditees by issuing unquali- fied reports without properly auditing, or by simply over- looking material issues affect- ing the audit. These auditors’ objective is to appear much more attractive and easygoing than other auditors in order to secure future audit engagements and fees.

outlay n 1) the spending or disbursement of money: the weekly outlay on groceries;

2) an amount spent; an expen- diture: huge new outlays for the military

overestimate v to value or estimate too highly

overrate v to assess too highly

Oversight agency for audit

AmE the Federal awarding agency that provides the predominant amount of direct funding to a recipient not as- signed a cognizant agency for audit. When there is no direct funding, the Federal agency with the predominant indirect funding shall assume the oversight responsibilities. The duties of the oversight agency for audit are described in

§ ___.400(b).

overstate (the) cost verbal phrase syn.: adjust; misstate; overrate (the) cost to exaggerate (the) cost; to state or claim too much

overvalue v to assign too high a value to

P&L abbrev. Vid profit and loss statement noun phrase

par [asset; face; nominal] value noun phrase the nomi- nal value of a bond, share of stock, or a coupon as indicat- ed in writing on the document or specified by charter

pawn n 1) an article deposited as security;

2) the condition of being so deposited (esp. in the phr. in pawn);

3) a person or thing that is held as a security, esp. a hos- tage,

4) the act of pawning

pawn v 1) to deposit (an ar- ticle) as security for the re- payment of a loan, esp. from a pawnbroker;

2) to stake: to pawn one’s honour

pay n 1) the act of paying or state of being paid;

2) money given in return for work done; salary; wages; 3) a/ recompense or reward:

Your thanks are pay enough.; b/ retribution or punishment; 4) paid employment: the workers in our pay;

5) person considered with re- gard to his or her credit or reliability in discharging debts

pay v 1) to give money to in re- turn for goods or services ren- dered: pay the cashier;

2) to give (money) in ex- change for goods or services:

He paid for a hamburger. | They paid an hourly wage.;

3) to discharge or settle a debt or obligation: paying taxes; |

He paid the bill.;

4) a/ to give recompense for; requite: a kindness that cannot be paid back;