Term
| Chief audit executive (CAE) |
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Definition
| Any individual employed as the highest-level internal auditor in an organization or major business segment. The CAE must report either directly or indirectly to a senior management executive or oversight function, such as an audit committee. |
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Term
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Definition
| Executive in charge of assessing and planning for potential risks in the various segments of a given business model, such as computer security, compliance, and lawsuits, to minimize the firm’s liability and related management costs. |
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Term
| Corporate development officer (CDO) |
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Definition
| Role of an individual with the responsibility, visibility, and accountability for the creation and execution of the transaction strategy throughout all phases of the transaction lifecycle. |
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Term
| Enterprise risk management (ERM) |
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Definition
| The methods and processes used to manage risks, identify events, and assess circumstances that can have negative influence on the enterprise’s sustainable performance. |
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Term
| Extensible business reporting language (XBRL) |
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Definition
| Language for the electronic communication of business and financial data capturing financial information throughout business information processes that will eventually be reported to shareholders, banks, regulators, and other parties. |
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Term
| Financial Accounting Standards Board (FASB) |
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Definition
| The designated organization in the private sector for establishing and improving standards of financial accounting and reporting in the United States. |
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Term
| Institute of Internal Auditors Research Foundation |
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Definition
| An international professional association recognized as the internal audit profession’s leader in certification, education, research, and technological guidance. |
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Term
| International Accounting Standards Board (IASB) |
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Definition
| Independent, privately funded accounting standard setter committed to developing, in the public interest, a single set of high-quality, understandable, and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. Founded on April 1, 2001, responsible for setting International Financial Reporting Standards (IFRS). |
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Term
| International Financial Reporting Standards (IFRS) |
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Definition
| A set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. |
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Term
| Joint Committee on Taxation |
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Definition
| A committee of the U.S. Congress established under the Internal Revenue Code to investigate the operation, effects, and administration of internal revenue taxes; investigate measures and methods for the simplification of taxes; make reports on the results of those investigations and studies; and make recommendations and review any proposed refund or credit of taxes in excess of $2,000,000. |
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Term
| Other postemployment benefits (OPEB) |
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Definition
| Other than pension benefits, OPEB consist primarily of healthcare benefits, and may include other benefits such as life insurance, long-term care, and similar benefits. |
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Term
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Definition
| Legal method of minimizing or decreasing taxable income and, therefore, tax liability. Tax shelters can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income. The most common type of tax shelter is an employer-sponsored 401(k) plan. |
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