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cludes direct incomes (dividends, interests, etc.) and capital gains (less capital losses) due to changes in the asset market value

track n 1) the direction or line taken by something as it moves;

2) be on the right/wrong track (=to think in a way that is likely to lead to a correct/or incorrect result);

3) keep/ lose track of sb/sth

(=to pay attention to someone or something, so that you know where they are or what is happening to them/or to fail to do this: to keep track of financial transactions; | I just lost all track of time.

track v to record or study the behaviour or development of

someone or something over time: to track changes

track sb/sth down phr v to find someone or something that is difficult to detect by searching or looking for information in several different places

track record noun phrase all of a person’s or organization’s past achievements, successes, or failures which show how well they have done something in the past and how well they are likely to do in the fu- ture

treaty n an agreement between two parties concerning the purchase of property at a price privately agreed be- tween them

turnover n Vid revenue(s) n sing. & pl.

3) the trait of forgetting or ignoring your responsibilities

unit cost noun phrase the amount of money that it costs

a company to produce one ar- ticle

unit of account noun phrase

1) Econ. the function of money that enables the user to keep accounts, value transac- tions, etc.;

2) a monetary denomination used for accounting purposes, etc., but not necessarily corre- sponding to any real currency: the ECU is the unit of account of the European Monetary Fund, a.k.a. (esp. US and Can.) mon- ey of account.;

3) the unit of currency of a country

United Nations Board of Auditors, the ­abbrev. Board, the it was established by the General Assembly of the United

Nations in1946 to provide ex- ternal audit to the UN and its Funds and Programmes.

Commentary

Since then, regularly three heads of the Supreme Audit Institutions of the Member States of the UN have been appointed by the General Assembly to conduct independent audits, based exclusively on the audit evidence obtained in accordance with the International Standards. The Board has an essential duty to contribute to enhance accountability, transparency, and governance of the United Nations and its Funds and Programmes.

unqualified opinion report, Unqualified Opinion re- port noun phrases the most frequent type of audit report is referred to as the Unquali- fied Opinion, and is regarded by many as the equivalent of a clean bill of health to a pa- tient, which has led many to call it the Clean Opinion. This type of report is issued by an auditor when the financial statements presented are free of material misstatements and are in accordance with GAAP, which in other words means that the company’s financial condition, position, and operations are fairly presented in the financial statements. It

is the best type of report an auditee may receive from an external auditor.

US Government Accountabil- ity Office, the AmE abbrev. US GAO AmE formerlyknown as the General Accounting Of- fice, it is the independent, non-partisan “congressional watchdog” overseeing how the federal government oper- ates and spends its money — pointing out where it is doing well and where it can improve.

Commentary

The Budget and Account- ing Act created GAO in 1921 when Congress realized the need to control growing government expenditures and debt after World War I. Until the end of World War II, GAO primarily checked the legality and adequacy of government expenditures. After World War II, its responsibilities and programs grew. The focus of

GAO’s work shifted toward helping Congress monitor executive branch agencies pro- grams and spending. In 1974, Congress broadened GAO’s evaluation role and gave it greater responsibility in the budget process. In 2004,

GAO’s legal name changed

from the General Account- ing Office to the Government Accountability Office. Mov- ing beyond financial audits,

GAO began conducting per- formance audits — examining how government programs were performing and whether they were meeting their objec- tives. At present, the agency that once checked millions of government vouchers has be- come a multidisciplinary or- ganization equipped to handle Congress’s toughest audit and

evaluation assignments. Most recently, GAO has been evaluating the largest response to a national emergency in

US history, the $ 2.6 trillion

COVID­ -19 response legisla- tion and making recommen- dations about how to improve its effectiveness in dealing with public health issues and economy.

user-friendly adj easy to use, understand, or operate: a user- friendly guide to auditing

valid adj 1) L, FIN, Bus. being legally or officially accept- able: a valid document;

2) based on what is reason- able or sensible: a valid argu- ment/reason;

3) CS if something you type into a computer is valid, the computer recognizes or ac- cepts it: valid format; cf. invalid adj

validate v 1) to confirm or cor- roborate;

2) to give legal force or offi- cial confirmation to; declare legally valid

valuation n 1) a professional judgement about how much something is worth;

2) a judgement about how ef- fective or useful a particular idea or plan will be;

3) FIN Vid investing verbal noun

value-added tax noun phrase abbrev. VAT 1) in Brit. a tax levied on the difference be- tween the cost of materials and the selling price of a com- modity or service;

2) a tax levied on the differ- ence between a commodity’s price before taxes and its cost of production

VAT abbrev. Vid value-added tax noun phrase

venture n 1) an undertaking that is risky or of uncertain outcome;

2) a/ a commercial undertak- ing characterized by risk of loss as well as opportunity for profit;

b/ the merchandise, money, or other property placed at risk in such an undertaking; 3) something hazarded or risked in an adventure, stake

verification n 1) establishment of the correctness of a theory, fact, etc.;

2) evidence that provides proof of an assertion, theory, etc.

verify v 1) to discover whether something is correct or true;

2) to state that something is true

vested interest(s) noun phrase sing. & pl. 1) L a right or title, as to present or future possession of an estate, that can be conveyed to another;

2) a fixed right granted to an employee under a pension plan;

3) a special interest in protect- ing or promoting that which is to one’s own personal advan- tage;

4) pl. those groups that seek to maintain or control an existing system or activity from which they derive private benefit

vet v 1) BrE to check someone’s past activities, relationships, etc. in order to make sure that person is suitable for a par- ticular job, esp. an important one;

2) to check a report, speech, etc. carefully to be certain it is acceptable

vouch v, vouch for sb/sth phr v 1) to say that you firmly believe that something is true or good because of your expe- rience or knowledge of it: I’ll vouch for the quality of the report.;

2) to say that you believe that someone will behave well and that you will be responsible for their behaviour, actions, etc.

evidence supporting and sub- stantiating a transaction by an auditor

Commentary

It is the essence of auditing because when performing an audit, an auditor must have proof of all transactions. Without the proof provided by vouching, the auditor’s claims are invalid. Vouching is the verification of entries

in the books of accounts by examining documentary evi- dence or vouchers.The object of vouching is to establish that the transactions recorded in the books of accounts are in order, have been properly authorized, and are correctly recorded.

W3C abbrev. Vid World Wide Web Consortium, the

wage(s) n sing. & pl. 1) a/oft. pl. payment in return for work or services, esp. that made to workmen on a daily, hourly, weekly, or piece-work basis; cf. salary;

b/ M wage freeze;

2) pl. the portion of the national income accruing to labour as earned income, as contrasted with the unearned income accruing to capital in the form of rent, interest, and dividends;

3) oft. pl. recompense, return, or yield;

4) obs. pledge

Commentary

Wages are the return to labour, the return to an individual’s involvement (mental or physical) in the creation of goods or services. As we own our bodies and our minds, wages are

payments to the individual suppliers of labour even if the supplier is the self.

ward sth off phr v to do something to try to protect yourself from something bad, such as illness, danger, etc.: to ward off sb’s attacks

warrant(s) n sing. & pl. L au- thorization in writing empow- ering a person to perform an act or to execute an office

wastage n 1) anything lost by wear or waste;

2) the process of wasting;

3) Bus./Ind Relat & HR Terms reduction in size of a work- force by retirement, voluntary resignation, etc. (esp. in the phr. natural wastage)

Usage

Waste and wastage are to some extent interchangeable, but many people think that wast- age should not be used to refer

to loss resulting from human carelessness, inefficiency, etc.: a waste (not a wastage) of time/ money/effort, etc.

waste n 1) the act of wasting or state of being wasted;

2) a failure to take advantage of something;

3) anything unused or not used to full advantage;

4) anything or anyone reject- ed as useless, worthless, or in excess of what is required; 5) garbage, rubbish, or trash; 6) L reduction in the value of an estate caused by act or neglect, esp. by a life-tenant

waste v 1) to use, consume, or expend thoughtlessly, care- lessly, or to no avail;

2) to fail to take advantage of: to waste an opportunity;

3) MED oft. FB away to lose or cause to lose bodily strength, health, etc.;

4) to exhaust or become ex- hausted;

5) to ravage;

6) infml to murder or kill:

I want that guy wasted by to- morrow.

waste adj 1) rejected as useless, unwanted, or worthless;

2) produced in excess of what is required;

3) destroyed, devastated, or ruined

wear and tear noun phrase decrease in value of an asset due to obsolescence or use

Web Hypertext Application Technology Working Group, the abbrev. WHAT WG a community of people inter- ested in evolving Hyper Text

Markup Language (HTML) and related technologies; it was founded by Individuals from Apple Inc., the Mozilla

Foundation and Opera Software, leading Web browser vendors, in 2004.

webinar n 1) a blend of the words “web” and “seminar”, it is an event held on the Internet which is attended exclu- sively by an online audience;

2) audit webinar noun phrase: it focuses on the key auditing standards to consider when auditing various areas of the financial statements and chal- lenges auditors face;

3) remote auditing webinar noun phrase: Webinar DQS

Inc. Maintaining ISO certifica- tion during COVID-19. Conducting Remote Internal Audits. (Chris James/Beth Gatewood, Date 4/20/2020)

WHAT WG abbrev. Vid Web Hypertext Application Tech- nology Working Group, the

win-win situation noun phrase the situation that will end well for everyone involved in it; cf. no-win situation noun phrase

withdrawer n a depositor who withdraws funds previously deposited

without warrant(s) noun phrase sing. & pl. no sanction, authorization, a. evidence for or token of authorization

word of mouth noun phrase the passing of information from person to person using oral communication, which could be as simple as telling someone the time of day

working papers noun phrase pl. abbrev. WP/WPS the formal documentation to document audit tests

Commentary

Their goals are:

— to document the planning, performance, and review of audit work;

— to provide the principal support for audit communication, such as observations, conclusions, and the final re- port;

—to facilitate third-party re- views and re-performance re- quirements;

—to provide a basis for evalu- ating the internal audit activ- ity’s quality control program.

World Wide Web Consortium, the abbrev. W3C the main international standards orga- nization for the World Wide Web; founded in 1994, it is made up of member organiza- tions that maintain full-time staff working together in the development of standards for the World Wide Web.

WP/WPS abbrev. Vid working papers noun phrase pl.

write-down, write-off n reduc- tion in the book value of an asset

write down, write off phr v to officially say that a debt no longer has to be paid or of- ficially accept that you can- not get back money you have spent or lost

wrong audit noun phrase an audit report on financial state- ments is considered wrong when it does not comply with current regulations.