An auditor is a person or firm appointed to carry out an audit of an organization, ensuring financial statements are accurate and adhere to regulations.
An individual granted special authorization to act as the auditor of a company under the Companies Act 1967 due to their experience. These authorizations ceased in 1978 and since 1989, authorized auditors are not eligible to audit listed companies.
A consent letter is a formal document included in a prospectus where an expert, such as a reporting accountant, consents to the issuance of the prospectus and acknowledges the inclusion of their report or any reference made to them.
The Financial Reporting Review Panel (FRRP) monitors the accounting practices of public and large private companies in certain jurisdictions to ensure compliance with legal and regulatory financial reporting requirements.
An abbreviation for International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) which provides simplified financial reporting standards for small to medium-sized entities.
The revaluation reserve account is a reserve accounting entry where unrealized profits or losses from the revaluation of fixed assets are recorded. It's essential for financial accuracy and compliance in the revaluation method used.
Structuring a deposit involves breaking down large financial transactions into smaller ones to avoid triggering scrutiny from financial institutions or authorities.
The Uniform Standards of Professional Appraisal Practice (USPAP) outlines the ethical standards and requirements for professional appraisers to ensure competency and transparency in the appraisal process.
An audit test that takes a few transactions from the records of a business and follows them through every stage of the accounting system to ensure accuracy and compliance.
