An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.
To audit (verb) is the act of conducting the formal...
law and economics
audit committee
The audit committee is a committee composed of a company’s board of directors in charge of overseeing the company’s auditors, financial reporting, and disclosures. 15 U.S.C. § 78c(a)(58) defines an audit committee as “a committee (or...
auditor
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,...
bailout
A bailout is when the government gives financial support to rescue a company that is in financial trouble and possibly at risk for bankruptcy. The bailout enables the survival of the company. The need for a bailout often arises out of a financial...
balance due
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...
bankruptcy fraud
Bankruptcy fraud is a white-collar crime that commonly takes four general forms:
A debtor conceals assets to avoid having to forfeit them. An individual intentionally files false or incomplete forms. Including false information on a...basis point
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...
BIOCOB
In the law of secured transactions, BIOCOB refers to a “buyer in the ordinary course of business.” There are certain elements that a buyer must meet to qualify as a BIOCOB. The buyer must purchase particular goods in good faith, without...
blue sky law
Blue sky laws are state securities regulations. That is, in addition to federal securities regulations, mainly the Securities Act of 1933 and the Exchange Act of 1934, states may also require issuers of securities to register with their state...
bookkeeping fraud
Overview
Bookkeeping fraud (also referred to as accounting fraud) refers to types of fraud committed by officers, accountants, and other employees that manipulate company finances and records to achieve some kind of personal gain. There are...