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livering of goods and/or rendering services, while gains can result from incidental occurrences and often-random events (such as the change in a stock’s market price, a gift or a chance discovery).

The term realized also has a slightly different meaning when used in the accounting context. Under US GAAP

(US Generally Accepted Ac- counting Principles) or IFRS (International Financial Re- porting Standards), a gain is “realized” when the market value of some asset or liabil- ity (such as a financial instru- ment) changes, even if the reporting entity continues to hold that asset or liability. This “revaluation” concept is also the basis for “fair value accounting” (which was originally designed to capture the value of derivatives and other financial instruments).

GASB abbrev­ . AmE Vid Governmental Accounting Standards Board, the AmE

General Accounting Office,

the AmE Vid US Government

Accountability Office, the

AmE

general ledger noun phrase abbrev. GL it is used by businesses that employ the dou- ble-entry booking method.

general reserve noun phrase

Vid reserve(s) n sing. & pl.

Generally Accepted Accounting Principles abbrev. GAAP AmE a collection of rules and procedures and conventions that define accepted account- ing practice; includes broad guidelines, as well as detailed procedures

Generally Accepted Auditing Standards, the AmE abbrev. GAAS, the AmE ten auditing standards, developed by the

AICPA in 1947, consisting of general standards, standards of field work, and standards of reporting, along with in- terpretations; they have un- dergone minor changes since then.

Commentary

The GAAS are as follows.

General Standards

The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.

In all matters relating to the assignment, an independence in mental attitude is to be

maintained by the auditor or auditors. Due professional care is to be exercised in the planning and performance of the audit and the preparation of the report.

Standards of Field Work

The work is to be adequately planned and assistants, if any, are to be properly supervised.

SAS108 revised this standard:

“The auditor must adequately plan the work and must prop- erly supervise any assistants”.

A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed. SAS109 revised this standard as follows: “The auditor must obtain a suf- ficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures”.

Sufficient competent eviden- tial matter is to be obtained through inspection, observa- tion, inquiries, and confirma- tions to afford a reasonable basis for an opinion regarding

Generally Accepted Auditing

Standards, the

the financial statements un- der audit. SAS106 revised this standard: “The auditor must obtain sufficient appropriate audit evidence by perform- ing audit procedures to afford a reasonable basis for an opin- ion regarding the financial statements under audit”.

The new standards are in effect for audits of financial state- ments for periods beginning on or after December 15, 2006.

Standards of Reporting

The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.

The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.

Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.

The report shall either contain an expression of opinion regarding the financial state- ments, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion can-

not be expressed, the reasons therefore should be stated. In all cases where an auditor’s name is associated with fi- nancial statements, the report should contain a clear-cut in- dication of the character of the auditor’s work, if any, and the degree of responsibility the auditor is taking.

Generally Accepted Govern-

ment Auditing Standards

AmE abbrev­ . GAGAS AmE generally accepted government auditing standards issued by the Comptroller General of the United States, which are applicable to finan- cial audits

Commentary

Generally accepted accounting principles have the mean- ing specified in generally ac- cepted auditing standards issued by the American In- stitute of Certified Public Ac- countants (AICPA).

Purpose and Applicability of

GAGAS

1.03. The professional standards and guidance contained in this document, commonly referred to as generally accepted government auditing standards (GAGAS),­ provide a framework for conducting­ high quality

Generally Accepted Government

Auditing Standards

government audits and attestation engagements­ with competence, integrity, ob- jectivity, and independence.

These standards are for use by auditors of government entities and entities that receive government awards and au- dit organizations performing

GAGAS audits and attestation engagements. GAGAS contain requirements and guidance dealing with ethics,­ indepen- dence, auditors’ professional competence and judgement, quality control, the perfor- mance of field work, and re- porting. Audits and attestation engagements performed under GAGAS provide information used for oversight, accountability, and improvements of government programs and operations. GAGAS contain requirements and guidance to assist auditors­ in objectively acquiring and evaluating suf- ficient, appropriate evidence and reporting the results. When auditors perform their work in this manner and com- ply with GAGAS in reporting the results, their work can lead to improved government management, better decision making and oversight, effec- tive and efficient operations,

and accountability for resources and results.

1.04. Laws, regulations, contracts, grant agreements, or policies frequently require audits in accordance with GAGAS­ . Many auditors and audit organizations also vol- untarily choose to perform their work in accordance with

GAGAS. The requirements and guidance in this document apply to audits and attestation engagements of government entities, programs, activities, and functions, and of government assistance administered by contractors, nonprofit en- tities, and other nongovernmental entities when the use of GAGAS is required or is voluntarily followed.

Use of Terminology to Define

Professional Requirements in

GAGAS

1.05. GAGAS contain professional requirements together with related guidance in the form of explanatory material.

Auditors have a responsibility to consider the entire text of GAGAS in carrying out their work and in understanding and applying the professional requirements in GAGAS.

1.06. Not every paragraph of

GAGAS carries a professional

Generally Accepted Government

Auditing Standards

requirement that auditors and audit organizations are ex- pected to fulfill. Rather, the professional requirements are identified through use of spe- cific language.

1.07. GAGAS use two categories of professional require- ments, identified by specific terms, to describe the degree of responsibility they impose on auditors and audit organi- zations, as follows:

a. Unconditional requirements: Auditors and audit organiza- tions are required to ­comply with an unconditional requirement in all cases in which the circumstances exist to which the unconditional requirement applies. ­GAGAS use the words must or is required to specify an unconditional re- quirement;

b. Presumptively mandatory requirements: Auditors and audit organizations are also required to comply with a presumptively mandatory requirement in all cases in which the circumstances exist to which the presumptively mandatory requirement ap- plies; however, in rare circum- stances, auditors and audit or- ganizations may depart from a presumptively mandatory

requirement provided they document their justification for the departure and how the alternative procedures performed in the circumstances were sufficient to achieve the objectives of the presumptive- ly mandatory requirement. GAGAS use the word should to specify a presumptively man- datory requirement.

1.07. Explanatory material uses the words may, might, and could to describe explana- tory information and is pro- vided to

a/ provide further explanation and guidance on the professional requirements or,

b/ identify and describe other procedures or actions relating to auditors’ or audit organiza- tions’ activities.

1.08. Explanatory material is defined as the text within GAGAS­ (including appendix I) other than the requirements defined in paragraph.

1.09. Explanatory material is intended to be descriptive rather than required. This material is intended, for exam- ple, to explain the objective of a requirement where it would beusefultodoso;explainwhy particular procedures may be considered or employed under

certain circumstances; or pro- vide additional information to consider in exercising profes- sional judgement.

1.10. Explanatory material that identifies and describes other procedures or actions does not impose a professional requirement on the auditor or audit organization to perform the suggested procedures or actions. How and whether to carry out such procedures or actions depends on the exer- cise of professional judgement consistent with the objective of the standard.

GFOA abbrev. AmE Vid Gov- ernment Finance Officers As- sociation, the AmE

GL abbrev. Vid general ledger noun phrase

go awry verbal phrase if something goes awry, it does not happen in the way that was planned: When audits go awry, internal control audit is faulty too.

going concern noun phrase it is a term which means that an entity will continue to op- erate indefinitely, so long as it generates or obtains enough resources to operate.

Commentary

If the auditee is not a going concern, it means that it is either dissolved, bankrupt, shutdown, etc. Auditors are required to consider the going concern of an auditee before issuing a report. If the au- ditee is a going concern, the auditor does not modify his/ her report in any way. However, if the auditor considers that the auditee is not a going concern, or will not be a go- ing concern in the near future, then the auditor is required to include an additional paragraph in the audit report explaining the situation, which is commonly referred to as the going concern disclosure.

goods n pl. syn.: commodity; commodities; merchandise; product things that are made to be sold

goodwill, good will n an ac- counting term used to reflect the portion of the market value of a business entity not directly attributable to its as- sets and liabilities; it normally arises only in case of an acqui- sition. It reflects the ability of the entity to make a higher profit than would be derived from selling the tangible as-

sets. Goodwill is also known as an intangible asset.

Governmental Accounting, Auditing, and Financial Reporting abbrev. GAAFR, the, a k.a. Blue Book, the it is de- signed to serve as:

1) a comprehensive introduc- tion to public-sector accounting and auditing for experi- enced financial professionals new to state and local govern- ment;

2)a practical introduction to governmental accounting and auditing for new staff mem- bers;

3) a practical reference tool for accounting and auditing staff; and

4) a practice-oriented text- book for college-level classes and seminars or governmental accounting, auditing, and fi- nancial reporting

Governmental Accounting Standards Board, the AmE abbrev. GASB, the AmE the independent, private-sector organization based in Nor- walk, Connecticut, that es- tablishes accounting and fi- nancial reporting standards for the US state and local governments that follow Generally Accepted Accounting

Principles­ (GAAP); its new

Guide to Implementation of GASB Statements 43 and 45 on Other Postemployment

Benefits can help preparers and auditors implement recent GASB standards on accounting and reporting for health care and other nonpen- sion benefits provided to retir- ees.

Government Finance Offi- cers Association, the AmE abbrev. GFOA AmE founded in 1906, it represents public finance officials throughout the United States and Canada; the association’s more than

20,000 members are federal, state/provincial, and local finance officials deeply in- volved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. Its mission is to advance excel- lence in public finance.

Green Book, the noun phrase

AmE

1) Principles and Standards for Offices of Inspector Gen- eral by the American Interna- tional Group (AIG);

2) Standards for Internal Control in the Federal Govern- ment: 2013 Exposure Draft by

the US Government Account- ability Office (US GAO)

gross cost noun phrase the total cost of goods or services, including VAT

guarantee n 1) a formal as- surance, esp. in writing, that a product, service, etc., will meet certain standards or specifications;

2) L a promise, esp. a collat- eral agreement, to answer for the debt, default, or miscar- riage of another;

3) a/ a person, company, etc., to whom a guarantee is made; b/ a person, company, etc., who gives a guarantee;

4) a person who acts as a guar- antor;

5) something that makes a specified condition or out- come certain

guarantee v 1) to take respon- sibility for (someone else’s debts, obligations, etc.);

2) to serve as a guarantee for;

3) to secure or furnish secu- rity for a small deposit will guarantee any dress;

4) (us. FB “from” or “against”) to undertake to protect or keep secure, as against injury, loss, etc.

han(d)sel n AmE 1) gift to ex- press good wishes at the be- ginning of a new year or en- terprise;

2) the first money or barter taken in, as by a new business or on the opening day of business, esp. when considered a token of good luck;

3) a/ a first payment;

b/ a specimen or foretaste of what is to come

hard close, a. fast close noun phrases a situation in which all of the transactions for the period (based on the transsction date) have been processed and there is no more financial activity allowed for that period; for most organi- zations, the time period coin- cides with the end of a month, quarter, and year; cf.: soft close noun phrase

hire n 1) a/ the act of hiring or the state of being hired;

b/ M a hire car;

2) a/ the price paid or payable for a person’s services or the temporary use of something; b/ M: the hire charge;

3) infml one who is hired: two new hires in the sales department

hire v 1) to acquire the tem- porary use of (a thing) or the services of (a person) in ex- change for payment;

2) to employ (a person) for wages;

3) (oft. FB “out”) to provide (something) or the services of (oneself or others) for an agreed payment, usually for an agreed period;

4) (FB “out”) Chiefly BrE to pay independent contractors for (work to be done)

hire purchase noun phrase BrE abbrev. HP BrE syn.: installment plan AmE a way of buy- ing expensive goods by regularly paying small amounts over a period of time

hireling n someone working for anyone who will pay them;

Usage Note: it is used to show disapproval.

historical [acquisition] cost, id.: basic [historical] cost noun phrase the original purchase price of an asset

hive of industry/activity noun phrase BrE a place that is full of people who are very busy

hive sth off phr v BrE

1) to sell one part of a busi- ness: It would be a mistake to hive the division off to a com- petitor.;

2) to make separate: such as a/ to remove from a group: to hive off the rookies for special training |, to hive off the depart- ment into another division;

b/ to assign (assets, responsi- bilies, etc.) to another: to hive off audit work |; PwC, KPMG,

EY, and Deloitte have been asked to agree to hive off their

audit operations and provide a transitional timetable for this.

holder n 1) a person or thing that holds;

2) a/ a person, such as an owner, who has possession or control of something;

b/ in comb. householder;

3) L a person who has pos- session of a bill of exchange, cheque, or promissory note that he is legally entitled to enforce

holdings n pl. 1) land rented or leased from another;

2) oft. pl. legally owned property, such as land, capital, or stocks

“how-to” advice noun phrase a tip or an opinion you give someone about what they should do

HP ­abbrev. BrE Vid hire purchase noun phrase BrE

HTML abbrev. Tech. Vid hy- pertext markup language nounphrase:HTML documents

http abbrev. Tech.Vid hypertext transfer protocol noun phrase

hypertext markup language noun phrase ­abbrev. HTML

Tech. a computer language