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IA abbrev. Vid internal audit noun phrase

IAASB, the ­abbrev. Vid International Auditing and Assurance Standards Board, the

IAS abbrev. Vid International Accounting Standards, the

IASC, the abbrev. Vid International Accounting Standards Committee, the

IETF, the abbrev. Vid Internet

Engineering Task Force, the

IFA abbrev. id. IFAC abbrev. Vid International Federation of Accountants, the

IFAC abbrev. id. IFA abbrev. Vid International Federation of Accountants, the

IFRS abbrev. Vid International

Financial Reporting ­Standards

IIA abbrev. Vid Institute of Internal Auditors, the

IMA abbrev. Vid Institute of Management Accountants, the

income n 1) the amount of monetary or other returns, either earned or unearned, ac- cruing over a given period of time;

2) receipts; revenue;

3) R. an inflow or influx

income statement noun phrase abbrev. IS, I/S Vid profit and loss statement noun phrase

incumbrance n 1) a charge against property (as a lien or mortgage);

2) an onerous or difficult con- cern, burden, encumbrance, onus, load;

3) any obstruction that im- pedes or is burdensome

indebtedness n 1) the state of being indebted;

2) the total of a person’s debts

industry analyst noun phrase an analyst of conditions af- fecting a particular industry

information processing facilities audit(s) noun phrase sing. & pl. it is to verify that the processing facility is controlled to ensure timely, accu- rate, and efficient processing of applications under normal and potentially disruptive conditions.

information technology­ audit(s) noun phrase sing. & pl. abbrev.

IT audit(s) noun phrase sing. & pl., information systems audit(s) noun phrase sing.&pl., a. automated data processing audit(s) noun phrase sing. & pl. abbrev.

ADP audit(s) noun phrase sing.&pl., computer audit(s) noun phrase sing. & pl., formerly called electronic data processing audit(s) noun phrase sing. & pl. abbrev.

EDP audit(s) noun phrase sing. & pl. an examination of the management controls within an information technology (IT) infrastructure and business applications

Commentary

The purpose of an IT audit is to evaluate the system’s inter- nal control design and effec- tiveness. This includes, but is not limited to, efficiency and security protocols, development processes, and IT governance or oversight. The evaluation of evidence obtained determines if the information systems are safeguarding assets, maintaining data integ- rity, and operating effectively to achieve the organization’s goals or objectives. These re- views may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.

controls in place have nonetheless failed.

innovative comparison audit(s) noun phrase(s) sing. & pl. this audit is an analysis of the innovative abilities of the company being audited in comparison to its competitors; this requires examination of a company’s research and de- velopment facilities, as well as its track record in actually producing new products.

inspection n syn.: examination; investigation the act or process of investigating; a careful search or examina- tion in order to discover facts, etc.

inspector n syn.: examiner; investigator 1) a person who inspects, esp. an official who examines for compliance with regulations, standards, etc.; 2) Govt, POL & DIPL a police officer ranking below a super- intendent or chief inspector and above a sergeant

Inspector General, a. inspector general noun phrase

AmE an investigatire official in a civil or military organiza- tion

Commentary

The framework of offices of inspector general within the United States government was established with the Inspector

General Act of 1978. In the

United States, an inspector general leads an irganization charged with examining the actions of a government agen- cy, military organization, or military contractor as a gener- al auditor of their operations to ensure they are operating in compliance with generally established policies of the government, to audit the effectiveness of security procedures, or to discover the possibility of misconduct, waste, fraud,theft, or certain types of criminal activity by individuals or groups related to the agency’s operation,usually involving some misuse of the organization’s funds or credit.

Institute of Internal Auditors, the abbrev. IIA an organiza- tion which advocates, provides educational conferences, and develops standards, guid- ance, and certifications for the internal audit profession; it has established Standards for the Professional Practice of Internal Auditing with over

150,000 members represent-

ing 165 countries. All mem- bers worldwide follow common standards of practice, known as the International

Professional Practices Frame- work (IPPF) and are bound by a code of ethics.

Institute of Management Accountants, the abbrev. IMA its previous name is the National Association of Accoun- tants(NAA);in1991thegroup changed its name to what it is now. IMA is the worldwide association of accountants and financial professions in busi- ness. Its main objective is to manage the non-certified ac- countants working in various othanizations.

intangibles n, intangible assets noun phrase pl. 1) cus- tomer good will, employee morale, increased bureaucracy, and aesthetic appeal (i.e. negative reaction to a bill- board);

2) a defensible legal property right conferred by an Legal

Act (copyright, trademarks, patents, designs, customer lists), or financial transactions (R&D, goodwill, intellectual capital);

3) a capital asset — an asset that is recorded on a balance

sheet as capital, that is property that creates more property. In business, intangibles are commonly referred to as intangible assets or intellectual capital.

integrated audit noun phrase it is where auditors, in addi- tion to an opinion on the fi- nancial statements, must also express an opinion on the ef- fectiveness of a company’s in- ternal control over financial reporting in accordance with PCAOB Auditing Standard

No 5; there are also new types of integrated auditing becom- ing available that use unified compliance material.

intentional omission noun phrase the purposeful failure to mention or include the item omitted; cf. unintentional omission noun phrase

interest n 1) something in which one is interested; a hobby or pursuit;

2) oft. pl. benefit; advantage in one’s own interest;

3) oft. pl. a/ a right, share, or claim, esp. in a business or property;

b/ the business, property, etc., in which a person has such concern;

4) Bank & FIN. a/ a charge for the use of credit or borrowed money;

b/ such a charge expressed as a percentage per time unit of the sum borrowed or used

interim audit noun phrase it involves preliminary audit work that is conducted prior to the fiscal year-end of a cli- ent; the interim audit tasks are conducted in order to compress the period needed to complete the final audit.

internal audit(ing) noun phrase syn.: inside audit cf. external audit noun phrase the examination of a compa- ny’s records and reports by its employees

Commentary

Internal audits are usually intended to prevent fraud and to ensure compliance with board directives and management policies. In contrast, the finan- cial statements presented to stockholders are typically pre- pared by outside parties to en- sure absolute objectivity. The process of reviewing business activities in-house to identify inefficiencies, reduce costs, and otherwise achieve orga- nizational objectives. Internal audits may investigate poten-

tial theft or fraud and ensure compliance with applicable regulations and policies. They also assist in risk management. In a large company, especially a publicly traded one, inter- nal auditing is conducted by a board independent from any management and answerable only to an audit committee, a subcommittee on the board of directors. The growth of internal audits accelerated following the 2002 passage of the Sarbanes-Oxley Act, which increased the accounting regulations for public companies.

internal auditor noun phrase an auditor who is an employee of the company whose records are audited and who provides information to the management and board of directors

Internal Revenue Service AmE abbrev­ . IRS AmE. the bureau of the Treasury Department responsible for tax collections;

Department of the Treasury,

Treasury Department, United

States Treasury, Treasury —​ the federal department that collects revenue and adminis- ters federal finances; the Trea- sury Department was created in 1789.

International Accounting Standards 86

International Accounting

Standards abbrev. IAS Vid.

International Accounting

Standards Committee, the

AmE

International Accounting

Standards Committee, the

AmE abbrev. IASC, the AmE it was founded in June 1973 in London and replaced by the International Accounting

Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards.

Commentary

The IASC was founded as a re- sult of an agreement between accountancy bodies in the fol- lowing countries:

Australia (Institute of Chartered Accountants in Australia (ICAA) and the Australian So- ciety of Accountants (ASA));

Canada (Canadian Institute

of Chartered Accountants

(CICA));

France (Ordre des Experts Comptable et des Comptables Agrees (Order of Accounting

Experts and Qualified Accoun- tants));

Germany (Institut der Wirtschaftsprüfer in Deutschland (IDW) (Institute of Au-

International Accounting Standards

Committee,the

ditors in Germany) and the

Wirtschaftsprüferkammer

(WPK) (Chamber of Audi- tors));

Japan Nihon Kouninkaikeishi

Kyoukai (Japanese Institute of

Certified Public Accountants,

JICPA));

Mexico (Instituto Mexicano de Contadores Publicos (IMCP) (Mexican Institute of Public Accountants)) (removed from the board in 1987 due to nonpayment of dues; resumed in 1995);

the Netherlands (Nederlands

Instituut van Registeraccoun- tants (NIVRA) (Netherlands Institute of Registered Audi- tors));

the United Kingdom and Ireland

(counted as one) (Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants in Ireland (ICAI), Association ofCertifiedAccountants,Insti- tute of Cost and Management Accountants, and the Institute of Municipal Treasurers and

Accountants);

the United States of America

(American Institute of Cer- tified Public Accountants

(AICPA))

International Auditing and Assurance Standards Board, the abbrev­ . IAASB, the an independent standards body that issues standards, like the International Standards on Auditing, quality control guidelines, and other services to support the international auditing of financial state- ments

Commentary

It is a body supported by the

International Federation of Accountants (IFAC). The Public Interest Oversight Board provides oversight of the IAASB, ensuring that the standards are in the public interest. To further insure proposed standards are in the public interest the IAASB consults the Consultative Advisory Group, which is composed of standard setters, various interna- tional organizations from the private and public sectors, and regulators. Founded in March

1978 as the International Au- diting Practices Committee

(IAPC), the IAASB’s current strategic objectives include:

– increasing the emphasis on emerging issues to ensure that the IAASB International

Standards provide a founda- tion for high-quality audit, as-

surance, and related services engagements;

– innovating the IAASB’s ways of working to strengthen and broaden the agility, capabilities, and capacity to do fhe right work at the right time;

– maintaining and deepening relationships with stakehold- ers to achieve globally relevant, progressive, and operable standards.

International Federation of Accountants, the ­abbrev.

IFA, IFAC theglobalorganiza- tion for accountancy profes- sion; founded in 1977, it has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government and academe. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector, as well as audit and assurance. Four independent standard-setting boards supported by the orga- nization establish internation- al standards on ethics, auditing and assurance, accounting

education, and public sector accounting. They are:

–theInternationalAuditingand Assurance Standards Board;

– the International Ethics

Standards Board for Accoun- tants;

– the International Public

Sector Accounting Standards

Board;

– the International Accounting

Education Standards Board.

The organization also issues guidance to encourage highquality performance by professional accountants in business , as well as small and medium accounting practices.

International Financial Re-

porting Standards abbrev.

IFRS standards and interpretations adopted by the International Accounting Standards Board (IASB)

Commentary

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS).

IAS were issued between 1973 and 2001 by the board of the

International Accounting

Standards Committee (IASC).

In April 2001 the IASB adopt- ed all IAS and continued their development, calling the new standards IFRS.

Structure of IFRS

IFRS are considered a “princi- ples-based” set of standards in that they establish broad rules as well as dictating specific treatments.

International Financial Re- porting Standards comprise: International Financial Re- porting Standards (IFRS) —​ standards issued after 2001;

International Accounting

Standards (IAS) — standards​ issued before 2001;

Interpretations originated from the International Finan- cial Reporting Interpretations Committee (IFRIC) — issued after 2001;

Standing Interpretations Com- mittee (SIC) — issued​ before 2001.

There is also a Framework for the Preparation and Presentation of Financial Statements which describes some of the principles underlying IFRS.

International Organization of Supreme Audit Institutions, the abbrev­ . INTOSAI an in- tergovernmental organization whose members are supreme audit institutions

Commentary

Nearly every supreme audit institution in the world is a member of INTOSAI. De-

pending on the type of system used in their home country, the members of INTOSAI may be variously titled the Chief Financial Controller, the Office of the Comptroller General, the Office of the Au- ditor General, the Court of Accounts, or the Board of Audit.

INTOSAI was founded in 1953 in Havana, Cuba. It is headquartered in Vienna, Austria. The members of INTOSAI are the primary external auditors of the United Nations. INTOSAI has been subsequently integrated in the INTOSAI standards/guidances as “INTOSAI

GOV 9100”.

International Professional Practices Framework, the abbrev. IPPF, the conceptual framework that organizes authoritative guidance promulgated by the Institute of

Internal Auditors (IIA); the updated framework was in- troduced in July 2015. The

IPPF guide is more commonly known as the Red Book.

International Standards on Auditing, the abbre­ v. ISA, the professional standards for the auditing of financial information issued by the International Federation of Ac-

countants (IFAC) through the International Auditing and Assurance Standards Board (IAASB)

Commentary

The ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of Auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, au- dit conclusions, audit reports, and standards for specialized areas.

The Use of the ISAs

The European Union

The Audit Directive of 17 May

2006 enforces the use of the International Standards on Auditing for all Statutory audits to be performed in the European Union. The Audit

Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community Law to be carried out on the basis of all international auditing standards. The Directive has given implementing powers to the European Gommission in order to adopt “en bloc” the ISAs in accordance with the Council Decision of

Internet Engineering Task Force, the

28 June 1999, a.k.a. the “Co- mitology Decision”.

The European Court of Auditors

The European Court of Auditors performs its audits in accordance with the IFAC and INTOSAI International Auditing Standards and Codes of

Ethics, in so far as these are applicable in the European Community context.

The United Nations Board of Auditors (the external audit of the UN)

It has adopted the ISAs although this Board is composed of three Supreme Audit Institutions chairmen, usually using the INTOSAI Auditing Standards.

Internet Engineering Task Force, the abbrev. IETF, the a large open international community of network de- signers, engineers, operators, vendors, and researchers concerned with the evolution of the Internet architecture and the smooth operation of the Internet

INTOSAI abbrev., a. INTOSAI GOV 9100 abbrev. Vid. Inter- national Organization of Su- preme Audit Institutions, the

90 investment(s),investing

invalid adj 1) L, FIN, Bus. being not legally or officially accept- able: an invalid claim/contract;

2) lacking good judgement, not based on true facts or clear ideas: an invalid reason;

3) CS if something you type into a computer is invalid, the computer does not recognize or accept it: invalid format; cf. valid adj

inventory n 1) a/ a detailed, itemized list, report, or record of things in one’s possession, esp. a periodic survey of all goods and materials in stock; b/ the process of making such a list, report, or record;

c/ the items listed in such a report or record;

d/ the quantity of goods and materials on hand; stock;

e/ chiefly AmE the amount or value of a firm’s current assets that consist of raw materials, work in progress, and finished goods; stock;

2) an evaluation or a survey, as of abilities, assets, or resources

investigator n someone who investigates

investment(s) n sing. & pl., a. investing verbal noun