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ABV - Accredited in Business ...

Designation in business valuation awarded by the American Institute of CPAs (AICPA) to those who have met prescribed requirements and passed the examination.
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Accountant

Although all CPAs have a background in accounting, not all accountants are CPAs. CPAs are licensed to practice accountancy under state law. Only licensed accountants can perform attest services such as
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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.
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Agreed Upon Procedures

Specific procedures agreed to by a CPA, a client and (usually) a specified third party. The report states what was done and what was found. Additionally, the use of the report is restricted to only those
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Analytical Review Procedures

Substantive tests of financial information made by a study and comparison of relationships among data.
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ASB - Auditing Standards Board

Board authorized by the American Institute of CPAs (AICPA) to promulgate auditing and attest standards, procedures, and implementation guidance for AICPA members performing such services. It is authorized
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Assurance Services

Services which improve the quality of information, or its context, for decision-makers.
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Attestation Standards

The attestation standards enable practitioners to examine or review non-financial statement information and to perform and report on the tesults of those engagements in accordance with professional st
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Audit

Webster's Seventh New Collegiate Dictionary defines an "audit" as a "methodical examination and review" or more specifically, "the final report of an examination of books of account by auditors."

The

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Audit Committee

Audit Committees of boards of directors have become a well-recognized and important element of corporate governance. Ideally, these committees, should consist of individuals who are independent of the
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Audit Risk

The risk that an auditor will unknowingly fail to appropriately modify his/her opinion on financial statements that are materially misstated.
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Audit Risk Alert

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
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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
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