An auditor is one who conducts an audit. Specifically, an auditor is a person or firm (usually an accountant or accounting firm) that conducts a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.
[Last reviewed in November of 2024 by the Wex Definitions Team]
Balance due is the amount owed on a previous statement for which payment has been required but not been made. It is usually manifested as the amount of a debt still owed on an account or the principal outstanding on a promissory note. Balance due generally does not contain interest that has not accrued.
According to the U.S. Code, a bank or trust company is incorporated and engaged in the business of financial transactions under the laws of the United States or of any State.
The Banking Act of 1933, commonly referred to as the Glass-Steagall Act, was a landmark piece of legislation in the United States that introduced significant reforms to the banking industry. It was enacted in response to the financial crises and bank failures during the Great Depression.
Bankruptcy fraud is a white-collar crime that commonly takes four general forms:
A basis point (often abbreviated as bp) is a unit of measurement that denotes a change in the interest rate of a financial instrument and is equal to 1/100th of 1% or 0.01%. It is a usual practice in the financial industry to use basis points to denote the difference (spread) between two interest rates.
A bearer is an individual in possession of an instrument or bearer paper (e.g. a check). The instrument may be payable to the person in possession (ie.
Bearer paper is a negotiable instrument, document of title, or proof of security that is payable to whoever possesses it.
A beneficial ownership is a trust arrangement whereby the beneficial owner of a security has the power to vote on and influence decisions regarding that security, and receives the benefit afforded by the security, even though in street name the security may be held by someone other than the true owner, such as a broker, for safety or convenience reasons.
