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b/ to give recompense to; re- ward or punish: I’ll pay him back for his insults.;

5) to bear (a cost or penalty, for example) in recompense:

She paid the price for her unpopular opinions.;

6) to yield as a return: a sav- ings plan that paid six percent interest;

7) to afford an advantage to; profit: It paid us to be generous.;

8) to give or bestow: paying compliments; paying attention

payment n 1) the act of paying; 2) a sum of money paid;

3) something given in return; punishment or reward

payroll n AmE 1) a list of em- ployees, specifying the salary or wage of each;

2) Bank & FIN a/ the total of these amounts or the actual money equivalent;

b/ M a payroll tax

PCAOB, the abbrev. Vid Public Company Accounting Oversight Board, the

Peer Review noun phrase abbrev. PR it refers to the process of auditors reviewing the work of other auditors; audit reports should be objective,

written with straightforward language, use accurate data, be concise, and should be issued immediately after the audit.

penalty n 1) a punishment es- tablished by law or authority for a crime or offense;

2) something, esp. a sum of money, required as a forfeit for an offense;

3) the disadvantage or pain- ful consequences resulting from an action or condition loss; suffering, or other un- fortunate result of one’s own action, error, etc.: He neglected his health and paid the penalty.

performance audit noun phrase it refers to an independent examination of a program, function, operation, or the management systems and pro- cedures of a governmental or non-profit entity to assess whether the entity is achiev- ing economy, efficiency in the employment of available resources.

confirm that components in the built version map to their specifications.

PIOB, the abbrev. Vid Public Interest Oversight Board, the

plan n 1) a detailed scheme, method, etc., for attaining an objective;

2) (sometimes pl.) a pro- posed, usually tentative idea for doing something;

3) an outline, sketch, etc.

4) Bus. business plan noun phrase (=a document which explains what a compa- ny wants to do in the future, and how it plans to do it)

plan v to form a plan (for) or make plans (for); (it takes a clause as object or an infini- tive): to have in mind as a pur- pose; intend

pledge n 1) a formal or solemn promise or agreement, esp. to do or refrain from doing something;

2) a/ something given or held as security to guarantee pay- ment of a debt or fulfillment of an obligation; collateral for the payment of a debt or the performance of an obligation; b/ the condition of being col- lateral, the condition of some-

thing thus given or held: He put an article in pledge. (esp. in the phr. in pledge).

3) L a/ delivery of goods or personal property as security for a debt or obligation: a loan requiring a pledge of property; b/ the contract by which such delivery is made

pledge v 1) to offer or guaran- tee by a solemn binding prom- ise: pledge loyalty to a nation;

2) to bind or secure by or as if by a pledge: They pledged themselves to the cause.;

3) to deposit as security; pawn

possession n sing. & pl.

1) a/ the act or fact of pos- sessing;

b/ the state of being pos- sessed;

2) something owned or pos- sessed;

3) pl. wealth or property;

4) L actual holding or occupancy with or without rightful ownership;

5) a territory subject to for- eign control;

6) self-control

PR abbrev. Vid Peer Review noun phrase

preliminary audit noun phrase a.k.a. simple audit, screening

audit, or walk-through audit noun phrases audit fieldwork that is performed by the auditors before the end of the pe- riod under examination; the simplest and quickest type of audit; typically only major problem areas will be covered during this type of audit.

premium audit noun phrase sing. & pl. its primary purpose is to calculate your final pre- mium.

Commentary

When your policy was issued, the premium was an estimate of an exposure basis (usually payroll or sales) multiplied by a rate. The rate used is deter- mined by how the exposure base is classified. The audit will examine your records to establish the actual exposure basis and make sure that the correct classification codes and rates are used in deter- mining your final premium.

As the original premium was an estimate, the audit will most likely result in a change of premium and/or classifica- tions for your business.

Pre-Start-Up Audit, the abbrev. PSUA or Pre-start review a part of the planning process for projects during

which the safety and functionality of the process itself is checked to ensure that all systems should function as in- tended and potential hazards can be dealt with.

PricewaterhouseCoopers abbrev. PwC the second-largest pro- fessional services network in the world, one of the Big

Four accounting firms, along with Deloitte, EY, and KPMG; PwC firms operate in 157 countries, 742 locations, with

276,000 рeople.

Commentary

History

In 1849, Samuel Lowell Price, an accountant, founded an accountancy practice in London,

England. In 1865, Price went into parthership with William

Hopkins Holyland, and Edwin

Waterhouse. Holyland left shortly afterwards to work alone in accountancy.By the late 19th century, Price Wa- terhouse had gained recogni- tion as an accounting firm. The firm opened offices in New York (1890), Liverpool (1904) and then elsewhere in the United Kingdom and worldwide. In 1998, Price

Waterhouse merged with Coo- pers & Lybrand to form Price- waterhouseCoopers. In 2010,

PricewaterhouseCoopers rebranded as PwC, although the legal name of the firm remained PricewaterhouseCoopers.

Data analysis

Due to its size, PwC is able to contribute data analysis to a wide range of areas. For example, PwC coined the term E7 to describe the seven emerging economies (China,

Russia, India, Mexico, Indo- nesia, Turkey, and Brazil) which will take over G7 na- tions by 2050. PwC assesses a country’s risk premium, an important factor in analyzing the valuation of an entity. The company analyzes pay parity, the comparative salaries for men versus women. In 2017,

PwC predicted that it could take the UK 24years, until 2041, to close its gender pay gap. PwC developed the Total Impact Measurement and Management (TIMM) frame- work, designed to assist com- panies in carrying out impact studies which will help them put a value on all of a com- pany’s activities, products, or services.

pricing verbal noun 1) the amount as of money or goods,

asked for or given in exchange for something else;

2) the cost at which some- thing is obtained;

3) the cost of bribing some- one: They maintained that ev- ery person has a pricing.;

4) arch. value or worth

fixed costs

proceeds n pl. 1) the profit or return derived from a com- mercial transaction, investment, etc.;

2) the result, esp. the revenue or total sum, accruing from some undertaking or course of action, as in commerce

professional skepticism noun phrase an attribute that in- cludes a questioning mind; being alert to conditions which may indicate possible misstatement owing to error or fraud, and a critical assess- ment of audit evidence (Para- graph 13 of the International

Standard on Auditing (ISA)

200, Overall Objectives of the

Independent Auditor and the

Conduct of an Audit in Accor-

dance with International Standards on Auditing, from the International Auditing and Assurance Standards Board (IAASB))

profit n sing. & pl. syn.: advan- tage; benefit; gain 1) oft. pl. excess of revenues over out- lays and expenses in a busi- ness enterprise over a given period of time, usually a year; 2) the monetary gain derived from a transaction;

3) a/ income derived from property or an investment, as contrasted with capital gains; b/ the ratio of this income to the investment or principal; 4) a/ the income or reward accruing to a successful en- trepreneur and held to be the motivating factor of all eco- nomic activity in a capitalist economy;

b/ M the profit motive;

5) a gain, benefit, or advantage

Commentary

In Classical Economics profit is the return to the owner(s) of capital stocks (machinery, tools, structures); unlike la- bor, capital can be owned in shares and profit need not be individualized(thoughitoften is). What is called dividends in current financial parlance

would be considered as profits by classical economists and so too would capital gains. The classical economists referred to a fee paid for the use of money as interest but did not consider such interest a factor of production. Smith seems to assert that interest is paid from profits. Ricardo does likewise;

In Neoclassical economics profit is total investment performance and includes economic rent.

a fiscal quarter or year

programme n BrE, program n AmE 1) a plan, schedule, or procedure;

2) a syllabus or curriculum

project audit noun phrase it provides an opportunity to uncover issues, concerns, and challenges encountered dur- ing the project lifecycle.

Commentary

Conducted midway through the project, an audit affords

the project manager,.project sponsor, and project team an interim view of what has gone well, as well as what needs to be improved to success- fully complete the project. If done at the close of a proj- ect, the audit can be used to develop success criteria for future projects by providing a forensic review. This review identifies which elements of the project were successfully managed and which ones pre- sented challenges. As a result, the review will help the orga- nization identify what it needs to do to avoid repeating the same mistakes on future proj- ects.

promulgate v fml 1) to spread an idea or belief to as many people as possible;

2) to make a new law come into effect by announcing it officially

promulgation n the formal proclamation on the declara- tion that a new statutory or administrative law is enacted after its final approval; after a new law is approved, it is an- nounced to the public through the publication of government gazettes and/or on official government websites.

promulgator n syn.: disseminator; distributor; expounder; implementer; populariser BrE; popularizer AmE; proselytiser BrE; proselytizer AmE; spreader

1) a person who promulgates laws as a way of putting it into execution;

2) a person who announces a law;

3) a publisher

property n 1) a/ something owned; a possession;

b/ a piece of real estate: He has a swimming pool on the property.;

c/ something tangible or intangible to which its owner has legal title: properties such as copyrights and trademarks; d/ possessions considered as a group;

2) the right of ownership, ti- tle;

3) a/ a characteristic trait or peculiarity, esp. one serving to define or describe its pos- sessor;

b/ a characteristic attribute possessed by all members of a class; syn.: quality

provisions n pl. a supply of nec- essaries or materials; a stock or store

proxy n pl. proxies a person who is authorized to act for another or it may designate the function or authority of serving in another’s stead:

Proxies are asked to share this information with their respective delegates with auditing responsibilities.

PSUA abbrev. Vid Pre-Start-Up Audit, the

public [certified; BrE chartered] accountant noun phrase a member of the Char- tered Association of Certified

Accountants, who is autho- rized

public company noun phrase syn.: publicly traded company; joint-stock company a limited company whose shares may be purchased by the public and traded freely on the open market and whose share capital is not less than a statutory minimum, public limited company

Public Company Accounting Oversight Board, the abbrev. PCAOB following the enactment of the Sarbanes-Oxley Act of 2002, it was established

in order to monitor, regulate, inspect, and discipline audit and public accounting firms of public companies. The PCAOB Auditing Standards No. 2 now requires auditors of public companies to include an additional disclosures in the opinion report regarding the au- ditee’s internal controls, and to opine about the company’s and auditor’s assessment on the company’s internal con- trols over financial reporting.

These new requirements are commonly referred to as the COSO Opinion.

Public Company Accounting Reform, the Vid SarbanesOxley Act, the abbrev. SOX

Public Interest Oversight Board, the ­abbrev. PIOB, the it was established in 2005 by the Monitoring Group., which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed; the PIOB over- sees the work of the Interna- tional Auditing and Assurance Standards Board (IAASB) within the IFAC.

QED abbrev. L. quod erat demonstrandum it is used to say that a fact or event proves that what you say is true.

qtr. abbrev. Vid quarter n

qualified opinion report, Qualified Opinion report noun phrases it is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles, however, the rest of the financial statements are fairly presented.

Commentary

This type of opinion is very similar to an unqualified or clean opinion, but the re- port states that the financial statements are fairly present- ed with a certain exception which is otherwise misstated. The two types of situations

which would cause an auditor to issue this opinion over the

Unqualified opinion are:

Single deviation from GAAP — ​ this type of qualification oc- curs when one or more areas of the financial statements do not conform with GAAP (e.g. are misstated), but do not affect the rest of the finan- cial statements from being fairly presented when taken as a whole. Examples of this include a company dedicated to a retail business that did not correctly calculate the depreciation expense of its building. Even if this expense is considered material, since the rest of the financial state- ments do conform with GAAP, then the auditor qualifies the opinion by describing the depreciation misstatement in the report and continues to issue

a clean opinion on the rest of the financial statements.

Scope of limitation — this​ type of qualification occurs when the auditor could not audit one or more areas of the fi- nancial statements, and although they could not be veri- fied, the rest of the financial statements were audited and they conform GAAP. Examples of this include an auditor not being able to observe and test a company’s inventory of goods. If the auditor audited the rest of the financial state- ments and is reasonably sure that they conform with GAAP, then the auditor simply states that the financial statements are fairly presented, with the exception of the inventory which could not be audited.

quality audit noun phrase it is performed to verify conformance to standards through review of objective evidence.

quarter n 1) one of four equal parts into which something can be divided;

2) a period of 15 minutes;

3) FIN a coin used in the US and Canada worth 25 cents;

4) Bus./FIN/ACCT a period of three months, used esp. when discussing business and finan-

cial matters: The company’s profits rose by 11 per cent in the first quarter of the year. | Our da- tabase is updated every quarter.

query n pl. queries a question that you ask to get informa- tion or to check that some- thing is true or correct: Staff are always available to answer your queries.

query v 1) to express doubt about whether something is true or correct;

2) to ask a question

questioned cost noun phrase a cost that is questioned by the auditor because of an au- dit finding:

1) which resulted from a vio- lation or possible violation of a provision of a law, regula- tion, contract, grant, cooperative agreement, or other agreement or document governing the use of Federal funds, including funds used to match Federal funds;

2) where the costs, at the time of the audit, are not supported by adequate documentation; or

3) where the costs incurred appear unreasonable and do not reflect the actions a pru- dent person would take in the circumstances

quid n pl. quid(s) BrE infml

1) FIN one pound in money:

She earns at least 600 quid a week;

2) Bus./FIN pl. be quids in (= to make a good profit): If this deal comes off, we’ll be quids in.

quits adj infml syn.: straight

1) be quits verbal phrase BrE if two people are quits, neither one owes anything to the other;

2) call it quits verbal phrase a/ to agree that a debt or ar- gument is settled: Just give me $20, and we’ll call it quits.; b/ to stop doing something