The Association of Independent Financial Advisers (AIFA) was a prominent professional association representing the interests of independent financial advisories across the UK. Its mission was to ensure that consumers receive independent and high-quality financial advice.
The Auditing Practices Committee (APC) develops auditing standards and guidelines that ensure effective audit practices in accordance with legal and regulatory requirements.
Bank or brokerage house departments not directly involved in selling or trading. The back office sees to accounting records, compliance with government regulations, and communication between branches.
A broker-dealer is an individual or firm that buys and sells securities for its clients and its own account. Broker-dealers play a crucial role in the securities industry, providing liquidity and facilitating the trading of securities.
A compliance audit is an extensive evaluation of an organization's adherence to regulatory guidelines. This includes a scrutiny of internal control procedures to ensure proper operation according to established protocols.
A comptroller is a high-level executive who oversees the accounting and financial reporting functions within an organization, often in a governmental or nonprofit entity. The cabinet-level position is usually responsible for ensuring adherence to financial regulations and the accuracy of reported financial data.
Compulsory insurance refers to insurance coverage mandated by law. It requires individuals or businesses to possess a minimum amount of insurance to cover specific risks and liabilities, ensuring financial protection and compliance with regulatory standards.
EuroSOX refers to European initiatives, particularly regulatory frameworks, aimed at enhancing and harmonizing financial reporting and disclosure standards across the EU to improve transparency and confidence in financial markets.
The fair rate of return is a level of profit that a public utility is allowed to earn as determined by federal and/or state regulators. Public utility commissions set this rate based on the utility's needs to maintain service to its customers, pay adequate dividends to shareholders, and maintain and expand plant and equipment.
A Financial Reporting Exposure Draft (FRED) is a draft published by standard-setting authorities containing proposed changes to financial reporting standards before they are finalized.
A green audit, also known as an environmental audit, provides an assessment of an organization's environmental performance and practices to ensure sustainable operations and adherence to environmental regulations.
Intragroup transactions refer to business dealings, including sales, loans, and other financial activities, that occur between different divisions, subsidiaries, or entities within the same corporate group. These transactions need to be carefully managed and recorded to ensure accurate financial reporting and regulatory compliance.
A License Bond is an instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business.
License laws govern the activities of occupations that require licensing, ensuring professionals meet certain standards to practice in fields such as accounting, law, medicine, nursing, barbering, insurance, and real estate.
Learn about the PRA, its role in financial regulation, the implications for banks and financial institutions, and the broad spectrum of activities it oversees.
A Professional Employer Organization (PEO) is a firm that provides comprehensive HR solutions for small and medium-sized businesses, including payroll processing, employee benefits, human resources, tax administration, and regulatory compliance assistance.
A Professional Employer Organization (PEO) provides comprehensive HR solutions for small and mid-sized businesses, including payroll, benefits, regulatory compliance, and HR management.
A document that provides detailed information about a new issue of shares or debentures, inviting the public to invest. The prospectus must comply with regulatory requirements and be filed with the appropriate authority.
The term 'red tape' refers to the necessity to complete extensive paperwork to gain approval by several people in order to accomplish a goal. It is often associated with bureaucratic processes and inefficiencies.
The practice of breaking down a large financial transaction into multiple smaller ones to avoid regulatory reporting. Used often in money laundering.
Statements of Standard Accounting Practice (SSAPs) are formal standards for financial reporting and accounting, issued by recognized authorities to ensure consistency, transparency, and adherence to best practices across organizations.
Stress testing is a method used in risk analysis that employs simulations to estimate the impact of worst-case scenarios. It is widely used by regulators, rating agencies, and financial institutions.
