American Institute Of Certified Public Accountants Glossary Of ...
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
A
Accounting and Review AICPA committee whose objective is to develop, on a continuing basis,
Services Committee
procedures and standards of reporting by CPAs on the types of
(ARSC)
accounting and review services a CPA may render in connection with
unaudited financial statements, as well as unaudited financial
information of an entity that is not required to file financial statements
with a regulatory agency in connection with the sale or trading of its
securities in a public market.
Accounting Principles
Standards-setting body for accounting principles that issued its
Board (APB)
opinions from November 1962 to June 1973. Succeeded by Financial
Accounting Standards Board.
Accounting Standards
AICPA committee whose objective is to determine Institute technical
Executive Committee
policies regarding financial accounting and reporting standards. As a
(AcSEC)
senior technical committee, it is authorized to make public statements,
without clearance from Council or the Board of Directors, on matters
related to its area of practice.
Accredited in Business Credential in business valuation awarded by the AICPA to those who
Valuation (ABV)
have met prescribed requirements and passed an examination.
Adverse Opinion
Auditor’s opinion which states that financial statements do not fairly
present the financial position, results of operations, or cash flows in
conformity with generally accepted accounting principles.
Agreed Upon
Specific procedures agreed to by a CPA, a client and (usually) a
Procedures
specified third party. The report states what was done and what was
found. Additionally, the use of the report is restricted to only those
parties who agreed to the procedures.
AICPA Board of
Executive Committee of Council which directs Institute activities
Directors
between Council meetings. It is comprises of 23 members.
AICPA Council
AICPA governing body which determines Institute procedures and
policies. It comprises of approximately 260 members representing
every state and four U.S. territories.
AICPA InfoBytes
Online library of CPE materials developed by the AICPA as a
subscription service. Provides members with more than 1200 hours of
continuing profession courses for an annual fee.
AICPA Personal
AICPA insurance plan which provides members and their families with
Liability Umbrella
up to $5 million personal liability coverage.
Security Plan
(AICPA PLUS)
American Accounting
National professional association for those involved in accounting
Association (AAA)
education in higher education.
Association to Advance Recognized agency that accredits academic programs. The Website
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
Collegiate Business
address is: http://www.aacsb.edu/
Schools (AACBS)
American Taxation
This is the national professional association for tax professors in higher
Association (ATA)
education.
American Tort Reform Coalition of associations, nonprofit organization, consumer advocates,
Association (ATRA)
businesses, and professionals whose purpose is to restore fairness,
balance, and predictability to the nation’s civil justice system.
Assurance Services
Services which improve the quality of information, or its context, for
decision-makers.
Assurance Services
This committee is responsible for identifying, developing, and
Executive Committee
communicating new assurance opportunities for the membership.
(ASEC)
Moreover, if measurement criteria or more detailed performance
guidance is required to deliver a particular service, the Committee, or
one of its task forces, will develop such criteria or guidance, working
cooperatively with other senior technical committees or bodies with
specialized expertise in the subject area as necessary and appropriate.
Attestation Standards
The attestation standards enable practitioners to examine or review
(AT)
non-financial statement information and to perform and report on the
results of those engagements in accordance with professional
standards.
Audit and Accounting
Materials which provide CPAs with authoritative guidance regarding
Guides
accounting and auditing of entities in specialized industries or other
specialized areas.
Audit Risk
The risk that an auditor will unknowingly fail to appropriately modify
his/her opinion on financial statements that are materially misstated.
Audit Risk Alerts
Annual updates alerting auditors to current economic, regulatory, and
professional developments in various industries. These include
Compilation and Review Alerts, and approximately 18 industry-specific
alerts.
Audit Sampling
The application of an audit procedure to less than 100 percent of the
items within an account balance or class of transactions for the purpose
of evaluating some characteristic of the balance or class.
Audit Committee
A key element in the corporate governance process of any organization
Effectiveness Center
is its audit committee. As its role expands, making the audit committee
(AudCommCtr)
as effective and efficient as possible becomes critical. The battle for
financial statement integrity and reliability depends on balancing the
pressures of multiple stakeholders, including management, regulators,
investors and the public interest. Guidance and tools are presented to
make audit committee best practices actionable.
http://www.aicpa.org/audcommctr/homepage.htm
Audit Committee
This system was built for two reasons— for our members to provide
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
Matching System
them with opportunities to serve on boards of directors, and as a public
(ACMS)
service to provide a list of qualified, credentialed candidates to serve on
boards of directors and presumably the audit committees of those
boards.
http://www.aicpa.org/info/committees/index.asp
Auditing Procedure
Studies which inform practitioners of developments and advances in
Studies (APS)
auditing procedures to provide practical assistance regarding auditing
procedures.
Auditing Standards
Board authorized by the AICPA to promulgate auditing and attest
Board (ASB)
standards, quality control standards procedures, and implementation
guidance for AICPA members performing such services. It comprises
19 members. As a senior technical committee, it is authorized to make
public statements, without clearance from Council or the Board of
Directors, on matters related to its area of practice.
B
Beta Alpha Psi
The premier professional accounting and business information
(BAP)
fraternity which recognizes academic excellence and complements
members' formal education by providing for interaction among
students, faculty and professionals.
Big Four
Traditionally, the four largest CPA firms in the world. They are:
PricewaterhouseCoopers; Deloitte & Touche LLP; Ernst & Young LLP;
and KPMG.
Board of Examiners
An executive committee of the AICPA with overall responsibility for
(BOE)
preparing and grading the Uniform CPA examination.
Business and Industry The AICPA committee charged with representing and advocating the
Executive Committee
needs of members in business and industry.
(BIEC)
Business Valuation
Refers to the discipline involving a process by which a supportable
(BV)
opinion is derived about the worth of a business or individual assets or
liabilities.
C
Canadian Institute of
The national membership organization of Chartered Accountants of
Chartered Accountants Canada, which works closely with the AICPA on several initiatives of
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GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
(CICA)
common interest, including, but not limited to WebTrust, SysTrust,
Eldercare, Performance Views and Continuous Assurance.
Cascade
The cascade of Sarbanes-Oxley Act (SOX) is the extension of provisions
contained in SOX that apply only to SEC registrants and their auditors
to private companies and not for profit organizations and their CPA
firms.
Center for Audit
The Center for Audit Quality (www.thecaq.org) is an autonomous
Quality (CAQ)
organization created to serve investors, public company auditors and
the markets. The Center’s mission is to foster confidence in the audit
process and to aid investors and the capital markets by advancing
constructive suggestions for change rooted in the profession’s core
values of integrity, objectivity, honesty and trust. U.S. accounting firms
registered with the Public Company Accounting Oversight Board are
eligible for membership. The CAQ is affiliated with the AICPA.
Certified in Financial
Certified in Financial Forensics, a specialty credential of the AICPA.
Forensics (CFF)
The CFF encompasses fundamental and specialized forensic
accounting skills that CPA practitioners apply in a variety of service
areas, including: bankruptcy and insolvency; computer forensics;
economic damages; family law; fraud investigations; litigation support;
stakeholder disputes and valuations. The CFF is one of four AICPA
specialty credentials, the others being Personal Financial Specialist
(PFS), Accredited in Business Valuation (ABV) and Certified
Information Technology Professional (CITP).
Certified Information
Credential in information technology awarded by the AICPA to CPAs
Technology
who have met experience, life long learning and examination
Professional (CITP)
requirements. CITPs are involved in information strategic planning,
implementation, management, and business strategies for information
systems.
Certified Internal
An international certification awarded by the Institute of Internal
Auditor (CIA)
Auditors (IIA) that reflects competence in the principles and practices
of internal auditing.
Certified Management Title bestowed by the Institute of Management Accountants (IMA) on
Accountant (CMA)
persons meeting certain basic requirements, principally an
examination covering economic theory, financial management, cost
accounting, etc.
Certified Public
A credential conferred by a state or similar governmental jurisdiction
Accountant (CPA)
that authorized the holder to practice as a certified public accountant
in that jurisdiction.
Certified Public
Independent organization of state CPA society chief executive officers.
Accountants’ Society
Executives Association
(CPA/SEA)
Chief Financial Officer The individual in an organization with overall responsibility for
(CFO)
accounting, treasury, financial management, financial reporting,
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finance and related functions. This position reports to the CEO and
depending on the size of the organization, it could have many
additional responsibilities. The CFO should be the right hand of the
CEO, collaborating on strategy and business growth, while at the same
time bringing ensuring compliance and conservatism. Sometimes
called the VP-Finance or similar title.
Chartered Accountant
Professional accounting designation used in the United Kingdom,
(CA)
Canada and several other countries.
Compilation
Information presented in the form of financial statements that is the
representation of management without the accountant undertaking to
express any assurance on the statements.
Computer based Test
Term sometimes used to refer to the Uniform CPA Examination. The
(CBT)
Uniform CPA Examination is delivered in a computerized format,
almost year-round, at test centers across the United States. Go to
www.cpa-exam.org for information about the CPA Examination,
applying, and scheduling.
Consulting Services
Consulting Services provided by CPA firms in addition to the
(CS)
traditional audit, accounting, and tax services (e.g. systems work,
production planning). The AICPA CS Team provides educational and
technical guidance to firms and private sector employees who offer
consulting services to clients or employers.
Continuing
An integral part of the life-long learning required for the CPA to
Professional Education provide competent service to the public. The set of activities that
(CPE) Now called
enables accounting professionals to maintain and increase their
Professional
professional competence.
Development
CPA2Biz
Accounting profession’s vertical portal to provide tools, support and
opportunities, online & offline, to enable CPAs to enhance customer
relationships & expand their portfolio of product and service offerings.
CPA iPack
A package of materials designed to introduce high school/college
students to accounting concepts and career opportunities in the
profession. The package includes the award winning Takin’ Care of
Business video, the Education Handbook of lesson plans, a career guide
and related materials.
Certified in Financial
Certified in Financial Forensics, a specialty credential of the AICPA.
Forensics (CFF)
The CFF
encompasses fundamental and specialized forensic
accounting skills that CPA practitioners apply in a variety of service
areas, including: bankruptcy and insolvency; computer forensics;
economic damages; family law; fraud investigations; litigation support;
stakeholder disputes and valuations. The CFF is one of four AICPA
specialty credentials, the others being Personal Financial Specialist
(PFS), Accredited in Business Valuation (ABV) and Certified
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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Information Technology Professional (CITP).
D
Disclaimer of Opinion
Auditor’s statement in which he (she) does not express an opinion on
financial statements.
Disclosure
The material matters relating to the form, arrangement, and content of
financial statements that are “disclosed” during the presentation of
financial statements in accordance with generally accepted accounting
principles, or, if applicable with OCBOA.
Discussion
Document sometimes issued for public comment to assist an
Memorandum (DM)
authoritative body in formulating an exposure draft.
E
Educational
A web-based tool to help accounting educators and program
Competency
administrators integrate the skills-based competencies defined in the
Assessment Site
AICPA Core Competency Framework for Entry into the Accounting
(ECAS)
Profession.
ElderCare Services
A host of financial and non-financial services targeted at older adults
and their family members to help those older adults maintain their
independence for as long as possible and to provide peace of mind for
their family members.
Elijah Watt Sells
Award presented to those CPA candidates who take all four sections of
Award
the Uniform CPA Examination at one time and receive the three
highest combined grades.
Emerging Issues Task
The EITF was designed to promulgate implementation guidance within
Force
the framework of existing authoritative literature to reduce diversity in
practice on a timely basis. The EITF was designed to minimize the
need for the FASB to spend time and effort addressing narrow
implementation, application, or other emerging issues that can be
analyzed within existing GAAP.
Employee Benefit Plan An AICPA firm membership Center with the objective of enhancing the
Audit Quality Center
quality of audits of employee benefit plans subject to ERISA.
(EBP AQC)
Engagement Reviews
Peer review for firms that only perform services under SSARS and/or
under the AICPA Peer services under the SSAEs not included in system reviews have peer
Review Program
reviews called engagement reviews. The objectives of an engagement
review are to provide the reviewer with a reasonable basis for
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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expressing limited assurance that: a. the financial statements or
information and the related accountant’s report on the accounting and
review engagements and attestation engagements submitted for review
conform in all material respects with the requirements of professional
standards in all material respects and b. the reviewed firm’s
documentation conforms with the requirements of SSARS and the
SSAEs applicable to those engagements in all material respects.
Enhanced Business
Enhanced Business Reporting is comprised of voluntary, globally
Reporting
recognized guidelines for providing richer disclosure of business
(EBR)
information, allowing companies to better communicate current and
expected performance while giving the investment community and
other stakeholders the information they need to make better decisions.
This includes financial statements, key performance indicators based
on industry-specific definitions, and company-specific information
about strategy, plans, opportunities and risks.
Enrolled Agent
A tax practitioner who, by passing an examination given by the U.S.
Treasury Department, can represent taxpayers before the Internal
Revenue Service.
Enterprise Resource
A business management system that integrates all facets of the
Planning
business to the related financial reporting functionality. Software
(ERP)
applications have emerged to help business managers implement ERP
in business activities such a planning, manufacturing, sales,
marketing, inventory control, order tracking, and finance. ERP
attempts to integrate all departments and functions across a company
to create a single software program that runs off one database.
Evidential Matter
Audit materials supporting the financial statements consisting of the
underlying accounting data and all corroborating information available
to the auditor.
Examinations
A standing committee of NASBA which investigates and makes
Committee
recommendations to boards of accountancy regarding all aspects of the
(EC)
Uniform CPA Examination.
Examinations Review
A standing committee of NASBA which provides a comprehensive audit
Board
of the preparation, grading, security, and administration of the exam.
(ERB)
Exposure Draft
Document issued by the AICPA, Financial Accounting Standards
(ED)
Board (FASB), Governmental Accounting Standards Board (GASB),
Federal Accounting Standards Advisory Board (FASAB), or other
authority to invite public comment before a final accounting, auditing,
or administrative standard, policy or procedure pronouncement is
issued.
Extensible Business
Formerly code named XFRML, XBRL is a freely available electronic
Reporting Language
language for financial reporting. It is an XML-based framework that
(XBRL)
provides the financial community a standards-based method to
prepare, publish in a variety of formats, reliably extract and
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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automatically exchange financial statements of publicly held
companies and the information they contain. XBRL is not about
establishing new accounting standards but enhancing the usability of
the ones that we have through the digital language of business. XBRL
will not require additional disclosure from companies to outside
audiences.
F
Federal Accounting
Group authorized by the accounting profession to establish generally
Standards Advisory
accepted accounting principles (GAAP) applicable to federal
Board
government entities.
(FASAB)
Federation of Schools of The organization of accredited accounting graduate programs that is
Accountancy
dedicated to enhancing, through collegiate education, the capabilities
(FSA)
and performance of those entering the accounting profession.
Financial Accounting
Independent, private-sector organization whose trustees appoint the
Foundation
members, provide funds, and exercise general oversight of the
(FAF)
Financial Accounting Standards Board (FASB), Governmental
Accounting Standards Board (GASB), and their respective advisory
councils.
Financial Accounting
Official promulgations by the Financial Accounting Standards Board
Standards
and, if not superseded, part of generally accepted accounting principles.
(FAS)
Financial Accounting
The primary function of FASAC is to advise the Board on issues related
Standards Advisory
to projects on the Board’s agenda, possible new agenda items, project
Council (FASAC)
priorities, procedural matters that may require the attention of the
FASB, and other matters as requested by the chairman of the FASB.
FASAC meetings provide the Board with an opportunity to obtain and
discuss the views of a very diverse group of individuals from varied
business and professional backgrounds.
Financial Accounting
Independent, private, non-government group which is authorized by
Standards Board
the accounting profession to establish generally accepted accounting
(FASB)
principles in the U.S.
Financial Statements
The presentation of financial data, including accompanying notes
derived from accounting records and intended to communicate an
entity’s economic resources or obligations at a point in time, or the
changes therein for a period of time, in accordance with a
comprehensive basis of accounting.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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G
Government
Independent, non-partisan agency which assists Congress in
Accountability Office
investigating and reporting on government’s effectiveness in using
(GAO)
public funds.
Generally Accepted
Uniform minimum standards of and guidelines to financial accounting
Accounting Principles
and reporting. Currently, the Financial Accounting Standards Board
(GAAP)
(FASB), the Governmental Accounting Standards Board (GASB) and
the Federal Accounting Standards Advisory are authorized to establish
these principles.
Generally Accepted
Standards governing the conduct of external audits by CPAs, as
Auditing Standards
determined by the Auditing Standards Board (ASB) of the AICPA.
(GAAS)
Generation Skipping
This is a tax on estate tax transfers, generally through trusts that are
Transfer Tax
intended to avoid estate taxes. There is a $1 million exemption, but the
(GSTT)
taxpayer has to elect to allocate it to a transfer, and this is hard to do
when it is uncertain what the future value of the transfer will be. The
result has been liability for practitioners for failing to elect to allocate
some of the exemption to the transfer.
Global Accounting
The Global Accounting Alliance (GAA) was formed in November 2005
Alliance (GAA)
and is an alliance of leading professional accountancy bodies in
significant capital markets. It was created to promote quality services,
share information and collaborate on important international issues.
The GAA works with national regulators, governments and
stakeholders, through member-body collaboration, articulation of
consensus views, and working in collaboration where possible with
other international bodies, especially the International Federation of
Accountants (IFAC).
Government Audit
An AICPA firm membership Center with objective of enhancing the
Quality Center
quality of audits of entities subject to GAGAS.
(GAQC)
Government Auditing
Commonly referred to as the “Yellow Book,” it contains standards for
Standards, a.k.a
audits of government organizations, programs, activities, and
Generally Accepted
functions, and of governmental funds received by contractors, nonprofit
Government Auditing
organizations, and other non-government organizations. Revisions are
Standards
issued as required by the Comptroller General of the U.S.
(GAGAS)
Government Finance
Private, nonprofit organization which has actively supported the
Officers Association
advancement of governmental accounting, auditing, and financial
(GFOA)
reporting since 1906.
Governmental
Official promulgations by the Governmental Accounting Standards
Accounting Standards
Board (GASB) and, if not superseded, part of generally accepted
(GAS)
accounting principles applicable to state and local governmental
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
entities.
Governmental
Group authorized by the accounting profession to establish generally
Accounting Standards
accepted accounting principles (GAAP) applicable to state and local
Board
governmental entities.
(GASB)
Governmental
The AICPA Government Performance and Accountability Committee
Performance and
(GPAC) represents CPAs working in all levels of federal, state and local
Accountability
government. It also serves the public who depend on CPAs to help
Committee
ensure government accountability. The mission of the GPAC is to 1)
(GPAC)
promote greater government accountability and the integrity of
government operations, information and information systems, 2)
promote and encourage increased participation and involvement by
CPAs in government within the AICPA, 3) enhance the professional
image and value of CPAs in government, 4) provide advice and counsel
to the Institute on the needs of CPAs in government, and 5) serve as a
conduit for communications among CPAs in government, the Institute
and other professional organizations.
I
Information Technology An AICPA committee organized to research, monitor, assess, educate,
Executive Committee
and communicate the impact of technology developments on business
(ITEC)
solutions; to enhance the quality of information technology services
provided by members; to achieve recognition that the CPA is the
preeminent trusted professional to provide business solutions by
applying information technology; and to enable all members to provide
value to their clients and their employers through effective application
of current, emerging and future information technologies.
Information Technology Voluntary AICPA membership section for CPA specialist in
Membership Section
information technology.
Institute of Internal
An international organization that provides certification, education,
Auditors
research, and technological guidance for internal audit practitioners.
(IIA)
Institute of
National membership organization of CPAs and others involved in
Management
accounting, financial and data processing work for industry, commerce
Accountants
and government. Issues the designation Certified Management
(IMA)
Accountant (CMA).
Internal Revenue
Authoritative instrument of the Commissioner of Internal Revenue for
Bulletin
announcing official rulings and procedures of the IRS, and for
(IRB)
publishing Treasury decisions, executive orders, tax conventions,
legislation, court decisions, and other items of general interest. It is
published weekly.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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International
An organization whose members represent 153 accounting bodies in
Accounting Standards
112 countries. The group is dedicated to bringing about the
Board
harmonization of international accounting standards.
(IASB)
International Auditing The committee authorized by the IFAC to issue International
and Assurance
Standards on Auditing (ISAs) and guidance.
Standards Board
(IAASB)
International
Global organization for the accountancy profession representing 158
Federation of
accounting organizations in 118 countries. Encourages high-quality
Accountants (IFAC)
practices by the worlds’ accountants. Sponsors World Congress of
Accountants every five years.
International Financial International Financial Reporting Standards (IFRS) is a set of
Reporting Standards
accounting standards, developed by the International Accounting
(IFRS)
Standards Board (IASB), that is becoming the global standard for the
preparation of public company financial statements. The IASB is an
independent accounting standards body, based in London, that is
unaffiliated with the AICPA, CPA2Biz or this website.
International
A group of Institutes located in 17 different countries meeting to
Innovation Network
exchange ideas and best practices related to innovation. These areas
(IIN)
(or “innovation”) include new service lines, new products, new
education, etc. Countries involved in this network include the US
(AICPA), Canada, England and Wales, Ireland, Scotland, France,
Germany, Argentina, Israel, Japan, Netherlands, Denmark, Sweden,
Hong Kong, Australia, New Zealand, Spain, Italy and others.
International Public
Issued by the International Public Sector Accounting Standards Board,
Sector Accounting
these standards set out the requirements for financial reporting by
Standards (IPSAS)
governments and others in public sector organizations.
International Public
This Board focuses on the accounting and financial reporting needs of
Sector Accounting
national, regional and local governments, related governmental
Standards Board
agencies, and the constituencies they serve. It addresses these needs
(IPSASB)
by issuing and promoting benchmark guidance, conducting educational
and research programs, and facilitating the exchange of information
among accountants and those who work in the public sector or rely on
its work.
International
Examination prepared by the AICPA for use by state boards of
Qualification
accountancy to measure the professional competence, in a U.S. context,
Examination
of Canadian and Australian Chartered Accountants, Australian CPAs
(IQEX)
and Mexican Contadores Publicos Certificados who desire a CPA
certificate. Only a limited number of states use IQEX.
Issuer
The term “issuer” means an issuer (as defined in section 3 of the
Securities Exchange Act of 1934 (15 U.S.C.78c)). The securities of
which are registered under section 12 of that Act (15 U.S.C.78l), or that
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is required to file reports under section 15(d) (15 U.S.C 78o (d)), or that
files or has filed a registration statement that has not yet become
effective under the Securities Act of 1933 (15 U.S.C. 77a et seq.) and
that it has not withdrawn.
Issues Papers
Materials which provide information on financial accounting and
reporting issues that the Institute believes the Financial Accounting
Standards Board (FASB) or Governmental Accounting Standards
Board (GASB) should consider and on which those organizations
should provide guidance.
J
Joint Ethics
Program of cooperation between the AICPA and the state CPA societies
Enforcement Program
in the enforcement of the Code of Professional Conduct.
(JEEP)
Joint Trial Board
An AICPA Board, which provides for uniform enforcement of
(JTB)
professional standards by adjudicating disciplinary charges against
AICPA and state society members. It comprises of at least 36 members.
L
Letters of Comment
For system reviews within the AICPA Peer Review Program, comments
(LOC)– Peer Review
and recommendations issued by the review team if there are matters
that the review team believes resulted in conditions being created in
which there was more than a remote possibility that the firm would not
conform with professional standards on accounting and auditing
engagements in all material respects, but were not of such significance
to cause the report to be modified or adverse.
For engagement reviews within the AICPA Peer Review Program,
comments and recommendation issued by the review team if there are
departures from professional standards that are not deemed to be
significant but that should be considered by the reviewed firm in
evaluating the quality control policies and procedures over its
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
accounting practice.
Letters of Response
A written response from the reviewed firm addressed to the entity
(LOR) – Peer Review
administering the Peer Review Program which describes the actions
taken or planned by the reviewed firm with respect to each matter in
the letter of comments.
M
Minority Initiatives
The AICPA committee that works to actively integrate minorities into
Committee
the accounting profession to become CPAs and enhance their upward
mobility.
Mutual Recognition
A joint NASBA-AICPA body (IQAB) considers applications from
Agreements
accounting organizations in other countries and issues Mutual
Recognition Agreements (MRAs) to qualify their members to sit for the
IQEX.
N
National Accreditation Senior AICPA committee that recommends and implements
Commission (NAC)
specialization/certification programs for CPAs and oversees existing
accreditation programs.
National Association of National organization representing the 54 state licensing
State Boards of
boards/agencies which regulate the CPA profession in all states and
Accountancy
four U.S. territories.
(NASBA)
National Council of
Private sector standard-setting body for governmental accounting,
Governmental
auditing, and financial reporting from 1968 until 1984, when the
Accounting
Governmental Accounting Standards Board (GASB) was established.
(NCGA)
Negative Assurance
An accountant’s statement which says that as a result of specified
procedures, nothing came to his (her) attention that caused him (her)
to believe that specified matters did not meet a specified standard.
Nonissuer
Entities not subject to the Sarbanes-Oxley Act of 2002 or the rules of
the SEC.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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O
Office of the
A bureau of the U.S. Treasury Department designed to safeguard bank
Comptroller of the
operations and the public interest through its general supervision over
Currency
the operations of national banks.
(OCC)
Other Comprehensive
A basis of accounting, other than GAAP, that an entity uses to report
Basis of Accounting
its assets, liabilities, equity, revenues and expenses. Examples of
(OCBOA)
OCBOA include income tax basis and cash basis of accounting.
P
Peer Review
An evaluation of whether a CPA firm’s system of quality control for its
accounting and auditing practice has been designed in accordance with
quality controls standards established by the AICPA and whether the
CPA firm’s quality control policies and procedures were being complied
with to provide the firm with reasonable assurance of conforming with
professional standards or a review of the firms’ accounting reports and
financial statements to determine conformity with professional
standards, applicable to those engagements in all material respects.
Peer reviews are performed in accordance with standards established
by the AICPA Peer Review Board for firms enrolled in the AICPA Peer
Review Program, and by the Center for Public Company Audit Firms
Peer Review Committee for firms enrolled in the Center for Public
Company Audit Firms Peer Review Program. Also see Engagement,
Report and System Reviews (under the AICPA Peer Review Program)
and Peer Reviews under the Center for Public Company Audit Firms
Peer Review Program.
Peer Review Board
The executive committee having senior status with authority to
(PRB)
establish, conduct and administer the AICPA Peer Review Program in
cooperation with administering entities. Its objective is to enhance the
quality of accounting and auditing engagements by CPA firms by
establishing and conducting, in cooperation with the state CPA
societies, a peer review program for AICPA and state CPA society
members engaged in the practice of public accounting.
Peer Review
AICPA committees (both the Private Companies Practice Section and
Committees (PRC)
the Securities and Exchange Commission Practice Section have this
committee) responsible for ensuring that member firms of the Division
for CPA Firms maintain their practices in conformity with quality
control standards of the AICPA and comply with Division membership
requirements.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
Peer Review Programs Practice monitoring programs in which peer reviews are conducted.
(PRP)
The AICPA has two peer review programs: the AICPA Peer Review
Program and the Center for Public Audit Firms Peer Review Program
(CPCAF PRP).
Performance View
This service identifies critical success factors that lead to measures
that can be tracked over time. These measures are then used to assess
progress in achieving specific targets linked to an entity’s vision and
performance.
Personal Financial
Process of addressing a client’s financial concerns in the context of his
Planning (PFP)
or her overall financial situation. The AICPA PFP Team provides
support to members with a special interest in advising clients on the
planning and management of their personal finances.
Personal Financial
Voluntary AICPA membership section for CPA specialists in personal
Planning Section
financial planning.
Personal Financial
Credential in personal financial planning awarded by AICPA to those
Specialist (PFS)
who have met practice requirements and passed an examination.
Private Company
An initiative of the AICPA to determine if, and where, privately-held
Financial Reporting
companies have a need for different accounting standards than
publicly-traded companies, and if so, to work to create those standards.
This initiative is currently focused on working collaboratively with the
FASB to meet the needs of companies, users of financial reporting and
the CPAs who serve these clients.
Private Companies
One of two sections of the AICPA Division for CPA Firms that
Practice Section (PCPS) primarily serves local and regional CPA firms with non-public clients.
Professional Ethics
To develop standards of ethics, promote understanding and voluntary
Executive Committee
compliance with such standards, establish and present charges of
(PEEC)
violations of the standards and the AICPA’s bylaws to the Joint Trial
Board for disciplinary action in cooperation with State Societies under
the Joint Ethics Enforcement Program (JEEP), improve the
profession’s enforcement procedures, coordinate the subcommittees of
the Professional Ethics Division, and promote the efficiency and
effectiveness of JEEP Program.
Public Company
The PCAOB is a private-sector, non-profit corporation, created by the
Accounting Oversight
Sarbanes-Oxley Act of 2002, to oversee the auditors of public
Board
companies in order to protect the interests of investors and further the
(PCAOB)
public interest in the preparation of informative, fair, and independent
audit reports.
Public Accountant (PA) Generic term for persons/firms which practice public accounting but
are not CPAs. Some states license public accountants.
Public Entity
Any entity that: (a) trades securities in a public market either on a
stock exchange or in the over-the-counter market; (b) makes a filing
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
with a regulatory agency in preparation for the sale of any classes of its
securities in a public market; (c) is a subsidiary, corporate joint
venture, or other entity controlled by either (a) or (b).
Q
Qualified Opinion
Auditor’s opinion which states that, except for the effects of the matter
to which a qualification relates, the financial statements fairly present
financial position, results of operations, cash flows in conformity with
generally accepted accounting principles.
R
Report Acceptance
Peer Review Committee members from approved state CPA society
Body
administering entities that discuss and accept peer review reports and
(RAB)
other peer review related documents for firms enrolled in the AICPA
Peer Review Program.
Report Reviews Under A peer review where the objective is to enable the reviewed firm to
the AICPA Peer Review enhance the overall quality of its compilation engagements that omit
Program
substantially all disclosure. To accomplish this objective, the reviewer
provides comments and recommendations based on whether the
submitted financial statements and related accountant’s reports
appear to conform with the requirements of professional standards in
all material respects. A report review does not provide the reviewer
with a basis for expressing an opinion on the firm’s system of quality
control for its accounting practice.
Revenue Procedure
A published official statement of the IRS regarding a matter of federal
tax procedure, published by the National Office of the IRS.
Revenue Ruling
A published official interpretation of the tax law by the National Office
of the IRS. Rulings are often based on replies to request for rulings by
taxpayers.
Review
Performing inquiry and analytical procedures that provide the
accountant with a reasonable basis for expressing limited assurance
that there are no material modifications that should be made to the
financial statements for them to be in conformity with GAAP or, if
applicable, with OCBOA.
Risk Advisory Services Services designed to identify, assess and manage risks of an entity and
measure and monitor the risk management strategies implemented by
that entity.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
S
Securities and
Agency of the federal government that regulates the public trading of
Exchange Commission securities. The SEC has the authority to establish accounting and
(SEC)
auditing regulations but defers to the Financial Accounting Standards
Board and the Public Company Accounting Oversight Board.
Statement of Position
Statements which provide guidance on practice or industry financial
(SOP)
accounting or reporting problems until the Financial Accounting
Standards Board or Governmental Accounting Standards Board
provides standards in those areas. They are also intended to influence
the establishment of such standards, and to update, revise, or clarify
audit and accounting guides or provide freestanding guidance.
Statements of Tax
Statements which present the thinking of the AICPA’s Taxation Team
Policy
on questions of broad tax policy and are designed to aid in the
development of federal tax legislation.
Statements on Auditing Statements issued by the Auditing Standards Board to provide CPAs
Standards (SAS)
with guidance regarding the application of Generally Accepted
Auditing Standards (GAAS).
Statements on
Statements issued by the Accounting and Review Services Committee
Standards for
to provide CPAs with guidance regarding reporting on the unaudited
Accounting and Review financial statements or other unaudited financial information of
Services (SSARS)
nonpublic entities.
Statements on
Statements issued by the Auditing Standards Board, Accounting and
Standards for
Review Services Committee, or the Management Advisory Services
Attestation
Executive Committee to provide guidance to CPAs engaged to perform
Engagements
attest services.
(SSAE)
Statements on
Statements which provides behavioral standards for the conduct of
Standards for
consulting services. The SSCS includes the General Standards found in
Consulting Services
Rule 201 of the AICPA Code of Professional Conduct plus three
(SSCS)
additional standards found in Rule 203, including Client Interest,
Understanding with the Client and Communication with the Client.
Statements on
Tax behavioral standards that are binding under the AICPA Code of
Standards for Tax
Professional Conduct.
Services
(SSTS)
Substantial
Substantial Equivalency is a concept that provides greater ease of
Equivalency
mobility across state lines for CPAs both in person and electronically.
Under this concept, if a CPA has a license in good standing from a state
that utilizes CPA certification criteria that are essentially those
outlined in the UAA, then the CPA would be qualified to practice in
that state without a reciprocal license.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
Successor Auditor
An auditor who has accepted an engagement or an auditor who has
been invited to make a proposal for an engagement from an entity
changing auditors.
System Reviews Under Peer review for firms that perform engagements under the SASs
the AICPA Peer Review Government Auditing Standards or examinations of prospective
Program
financial statements under the SSAEs have peer reviews called system
reviews. A system review is intended to provide the reviewer with a
reasonable basis for expressing an opinion on whether, during the year
under review: a) the reviewed firm’s system of quality control for its
accounting and auditing practice has been designed in accordance with
quality control standards established by the AICPA and b) the
reviewed firm’s quality control policies and procedures were being
complied with to provide the firm with reasonable assurance of
conforming with professional standards.
T
Tax Executive
AICPA senior technical committee responsible for formulating and
Committee
articulating technical and policy positions of the AICPA in tax matters.
Technical Bulletin
Information issued by the Financial Accounting Standards Board
(TB)
which provides timely guidance on certain financial accounting and
reporting problems.
Technical Issues
AICPA committee of the PCPS whose objective is to monitor technical
Committee
developments that could have a significant effect on private companies
(TIC)
and the CPA firms that serve them and, when necessary, submit
comments and recommendations in support of the interest of these
firms.
Transaction Trail
Chains of evidence provided through coding, cross references, and
documentation connecting accounting balances and other summary
results with original transactions and calculations.
U
Uniform Accountancy
The Uniform Accountancy Act is a single comprehensive piece of model
Act (UAA)
legislation that seeks to eliminate differing requirements on issues
including CPA certification, reciprocity, and temporary practice by
promoting uniformity in state accountancy licensing laws. Uniformity
would be achieved by adopting the UAA in place of existing laws in the
55 American licensing jurisdictions. The AICPA and the National
Association of State Boards of Accountancy (NASBA) published the
first joint model bill, later renamed the Uniform Accountancy Act
(UAA), in 1984.
Unqualified Opinion
An auditor’s opinion which states that the financial statements present
fairly, in all material respects, financial position, results of operations,
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
cash flows in conformity with generally accepted accounting principles.
W
Work/Life and Women’s This executive committee of the AICPA promotes within the accounting
Initiatives Executive
profession a work environment that provides opportunities for the
Committee (WLWIEC) successful integration of personal and professional lives and the
advancement of women to positions of leadership.
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
QUICK REFERENCE OF ACRONYMS AND ABBREVIATIONS
A
AAA
American Accounting Association
AAA
Association of Accounting Administrators
AAA-CPA
American Association of Attorney-Certified Public Accountants
AACBS
Association to Advance Collegiate Business Schools
AAFI
Associated Accounting Firms International
AAHCPA
American Association of Hispanic CPAs
ABA
American Bar Association
ABV
Accredited in Business Valuation
ACA
Accreditation Council for Accountancy
AudCommCtr
Audit Committee Effectiveness Center
ACMS
Audit Committee Matching System
AcSEC
Accounting Standards Executive Committee
ADAPSO
Association of Data Processing Service Organizations
AECC
Accounting Education Change Commission
AFA
Accounting Firms Associated, Inc.
AGA
Association of Government Accountants
AGFM
Association of Government Financial Managers
AGI
Accounting Group International
AICPA
American Institute of Certified Public Accountants
AICPA PAC
AICPA Political Action Committee
AICPA PLUS
AICPA Personal Liability Umbrella Security Plan
AITF
Audit Issues Task Force
AMA
American Management Association
APB
Accounting Principles Board
APG
Audit Program Generator
APS
Auditing Procedure Studies
AR
Advance Reading
ARA
Accounting Research Association
ARAF
Association Regional Accounting Firms
ARIA
Accounting Researchers International Association
ARSC
Accounting and Review Services Committee
ASAE
American Society of Association Executives
ASB
Auditing Standards Board
ASEC
Assurance Services Executive Committee
ASP
Application Service Provider
ASWA
American Society of Women Accountants
AT
Attestation Standards
ATA
American Taxation Association
ATB
Accountants Trial Balance
ATRA
American Tort Reform Association
AWSCPA
American Woman’s Society of Certified Public Accountants
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
B
BAP
Beta Alpha Psi
BIEC
Business and Industry Executive Committee
BOE
Board of Examiners
BV
Business Valuation
C
CA
Chartered Accountants
CAE
Certified Association Executive
CAI
Computer-Assisted Instruction
CAPA
Federation of Accounting Institutions in East Asia
CART
Committee-Appointed Review Team
CASB
Cost Accounting Standards Board
CAT
Competency Self-Assessment Tool
CATS
Computerized Accounting Tool Series
CBO
Congressional Budget Office
CBT
Computer Based Testing
CCH
Commerce Clearing House
CD
Certificate of Deposit
CFP
Certified Financial Planner
CGFM
Certified Government Financial Manager
CIA
Certified Internal Auditor
CIAS
Center for Investment Advisory Services
CICA
Canadian Institute of Chartered Accountants
CISA
Certified Information System Auditor
CISM
Certified Information Security Manager from ISACA
CITP
Certified Information Technology Professional
CMA
Certified Management Accountant
CPA
Certified Public Accountant
CPA/SEA
Certified Public Accountants’ Society Executives Association
CPA2BIZ
Profession’s Vertical Portal
CPE
Continuing Professional Education
CRS
Congressional Research Service
CSI
Computer Security Institute
D
D & T
Deloitte & Touche LLP
DCAA
Defense Contract Audit Agency
DLG
Discussion Leader’s Guide
DM
Discussion Memorandum
E
E&Y
Ernst & Young LLP
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AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
EA
Enrolled Agent
EBP AQC
Employee Benefit Plan Audit Quality Center
EBR
Enhanced Business Reporting
EC
Examination Committee
ECAS
Educational Competency Assessment Site
ECSAFA
Federation of Accounting Institutions in Africa
ED
Exposure Draft
EDMAX
Educational Management Exchange
EDPAA
EDP Auditors Association
EDPAF
EDP Auditors Foundation
EITF
Emerging Issues Task Force
ERB
Examination Review Board
ERISA
Employee Retirement Income Security Act of 1974
ESCORP
Examination Services Corporation
ETF
Evaluation Task Force
F
FAE
Foundation for Accounting Education
FAF
Financial Accounting Foundation
FAS
Financial Accounting Standards
FASAB
Federal Accounting Standards Advisory Board
FASAC
Financial Accounting Standards Advisory Council
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
Fed
Federal Reserve System – Board of Governors
FEE
Federation of Accounting Institutions in Europe
FEI
Financial Executives International
FERF
Financial Executives Research Foundation
FGAA
Federal Government Accountant’s Association
FICA
Federal Insurance Contributions Act
FOF
Firm-on-Firm Review
FPA
Financial Planning Association
FR
Federal Register
FSA
Federation of Schools of Accountancy
FTC
Federal Trade Commission
G
GAAFR
Governmental Accounting, Auditing, and Financial Reporting
GAAP
Generally Accepted Accounting Principles
GAAS
Generally Accepted Auditing Standards
GAGAS
Generally Accepted Government Auditing Standards
GAO
Government Accountability Office
GAS
Governmental Accounting Standards
GASB
Governmental Accounting Standards Board
GASBOC
Governmental Accounting Standards Board Organizing Committee
GAQB
Government Audit Quality Center
GFOA
Government Finance Officers Association
22
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
GPAC
Governmental Performance and Accountability Committee
GSTT
Generation Skipping Transfer Tax
H
HFMA
Health Care Financial Management Association
I
IA
International Affiliation of Independent Accounting Firms
IAA
Inter-American Accounting Association
IAASB
International Auditing And Assurance Standards Board
IAFP
International Association for Financial Planning
IAG
International Auditing Guidelines
IAHA
International Association of Hospitality Accountants
IAI
Independent Accountants International
IAPC
International Auditing Practices Committee (is now IAASB)
IASB
International Accounting Standards Board
ICFP
Institute for Certified Financial Planners
ID
Instructor Dependent
IDEA
Interactive Data Extraction and Analysis
IDI
In-depth Interview
IFAC
International Federation of Accountants
IFAD
International Federation for Accountancy Development
IGAF
International Group of Accounting Firms
IGS
Inspector Generals
IIA
Institute of Internal Auditors
IMA
Institute of Management Accountants
INCFO
Institute of Newspaper Controllers and Finance Officers
IOSCO
International Organization of Securities Commission
IPSAS
International Public Sector Accounting Standards
IPSASB
International Public Sector Accounting Standards Board
IQAB
International Qualifications Appraisal Board
IQEX
International Qualification Examination
IRB
Internal Revenue Bulletin
IRS
Internal Revenue Service
ISAs
International Standards on Auditing
ISACA
Information Systems Audit and Control Association
ISB
Independence Standards Board
ISC
International Steering Committee
ISC
International Strategy Committee
ITEC
Information Technology Executive Committee
J
JEEP
Joint Ethics Enforcement Plan
JTB
Joint Trial Board
23
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
K
KPMG
KPMG
KM
Knowledge Management
KNET
KnowledgeNet
L
LLC
Limited Liability Company
LLP
Limited Liability Partnership
LOC
Letters of Comment
LOR
Letters of Response
LPR
Business Law and Professional Responsibilities
LS
Litigation Services
M
MAP
Management of an Accounting Practice
MCS
Management Consulting Services
MRA
Mutual Recognition Agreements
MSP
Member Solutions Partnership
N
NAAACPA
National Association of Asian American Certified Public Accountants
NAAI
National Association of Accountants in Insolvency’s
NAARS
National Automated Accounting Research System
NABA
National Association of Black Accountants
NAC
National Accreditation Commission
NAFC
National Accounting and Finance Council
NASAA
North American Securities Administrators Association
NASACT
National Association of State Auditors, Comptrollers and Treasurers
NASBA
National Association of State Boards of Accountancy
NCCPAP
National Conference of CPA Practitioners
NCUA
National Credit Union Administration
NSA
National Society of Accountants
NSAC
National Society of Accountants for Cooperatives
O
OCBOA
Other Comprehensive Basis of Accounting
OCC
Office of the Comptroller of the Currency
OECD
Organization for Economic Cooperation and Development
OMB
Office of Management and Budget
OTS
Office of Thrift Supervision
P
PA
Public Accountant
24
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
PAC
Political Action Committee
PAIB
Professional Accountants in Business Committee of IFAC
PAR
Public Accounting Report
PCAF
Public Company Auditors’ Forum
PCAOB
Public Company Accounting Oversight Board
PCAF
Public Company Auditors’ Forum
PcEEC
Pre-certification Education Executive Committee
PCPS
Private Companies Practice Section
PEEC
Professional Ethics Executive Committee
PFP
Personal Financial Planning
PFS
Personal Financial Specialist
PM
Participant’s Manual
POB
Public Oversight Board
PPI
Producers Price Index
PRB
Peer Review Board
PRC
Center for Public Company Audit Firms Peer Review Committee
PRP
Peer Review Programs
PRC
Peer Review Committee
PWC
PricewaterhouseCoopers
Q
QC
Quality Control
R
RAB
Report Acceptance Body
RAP
Regulatory Accounting Principles
RFP
Request for Proposal
RIA
Registered Investment Adviser
RICO
Racketeer Influenced and Corrupt Organizations Act
S
SAS
Statements on Auditing Standards
SBA
Small Business Administration
SEC
Securities and Exchange Commission
SECPS*
Securities and Exchange Commission Practice Section (* no longer in
existence)
SFFAS
Statements of Federal Financial Accounting Standards
SIA
Society of Insurance Accountants
SOP
Statement of Position
SS
State Society
SSAE
Statements on Standards for Attestation Engagements
SSARS
Statements on Standards for Accounting and Review Services
SSCS
Statements on Standards for Consulting Services
SSLLC
Shared Services LLC
SSMAS
Statements on Standards for Management Advisory Services
SSTS
Statements on Standards for Tax Services
25
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
GLOSSARY OF TERMS, ACRONYMS, AND ABBREVIATIONS
T
TB
Technical Bulletin
TC
Team Captain
TIC
Technical Issues Committee
TIPS
Technical Information for Practitioners Series
TM
Team Member
TRPs
Technical Resource Panels
U
UAA
Uniform Accountancy Act
UEC
Union Europeene des Experts Comptables Economiques et Financiers
UMI
University Microfilms, Inc. Of Ann Arbor, MI
USTC
United States Tax Court
USTR
United States Trade Representative
V
VAI
Video-Assisted Instruction
VGP
Virtual Grassroots Panel
VTPR
Voluntary Tax Practice Review
W
WLWIEC
Work/Life and Women's Initiatives Executive Committee
X
XBRL
Extensible Business Reporting Language
12/09
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