In a world where ethics and compliance is becoming more important, it is vitally important to have a clear understanding of what these terms mean. A glossary of ethics and compliance terms is a list of definitions that can be used to help with this comprehension. In many workspaces, it becomes very difficult for people […]
In the world of business, one cannot exist without a significant amount of credit. Companies need to be able to borrow money from banks and other lenders in order to pay for raw materials, machinery, and even small expenses. In order for a company’s financial situation to be evaluated properly, it must first go through
In the world of accounting, there are many things that must be considered in order to have a high-quality, successful audit. One would think that the only thing one needs to worry about is whether or not they’ve done their job well and everything else falls into place. But in reality, it is so much
Audit quality is a significant factor in ensuring that companies and investors alike can rely upon the accuracy of financial statements. The audit process should be seen as an opportunity to examine company processes and identify areas for improvement, but if auditors do not perform their work with integrity it could lead to misinterpretation of
The Big Four is a term used to refer to the four largest professional service networks in the world: PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. The Big Four play an important role in shaping international standards of auditing and financial reporting for Environmental, Social, and Governance factors. With the world looking for
KPMG is one of the world’s leading professional services companies and one of the “Big Four” accounting firms. Founded in 1881, KPMG has grown from a small Dutch enterprise to an international organization with more than 227,000 professionals operating out of 700 offices in over 153 countries. KPMG provides audit, tax, and advisory services for
Charlottesville, VA: The CFA Institute is a global association of investment professionals. It offers one of the most rigorous examinations in finance called the Chartered Financial Analyst (CFA) exam which is used as a benchmark for investing professionals globally. The exam consists of three levels that are taken sequentially over two years and admission to
The Financial Stability Board is an international body of 29 countries, plus the EU, which was created to promote global financial stability. Its members are responsible for managing and coordinating their country’s respective financial systems as well as those of other systemically important countries outside of their jurisdiction. The FSB has been described by commentators
The Double Declining Balance Method is a depreciation formula for long-term assets, which is used to estimate the present value of future cash flows. It’s utilized by accountants and CPAs when they need to estimate the value of an asset over its useful life. This method provides a more accurate rate of depreciation than other