Accounting Information System: A system combining traditional accounting practices with

information technology to collect, store, manage, process, retrieve, and report financial data.

Articles of Incorporation: Legal documents filed with a governmental body to legally document
the creation of a corporation.

Arthur Andersen: Arthur Andersen was a prominent accounting firm that faced legal issues
due to its involvement in the Enron scandal, leading to its dissolution in 2002

Assurance Providers: Professionals who offer services that improve the quality of information,
or its context, for decision makers.

Audit Committee: A subgroup of a board of directors that oversees the financial reporting and
disclosure process.

Big "G" (macro) governance: Refers to the broader system of rules, practices, and processes
by which a country is directed and controlled.

Board Balance Scorecard: A strategic planning and management tool used for aligning
business activities with the vision and strategy of the organization, improving internal and
external communications, and monitoring organizational performance against strategic goals.

Board of Directors: A group of individuals elected to represent shareholders and govern the
activities of a corporation.

Bribery: The act of giving or receiving something of value in exchange for some kind of
influence or action in return, that the recipient would otherwise not offer.

Business Continuity Plan: A document that outlines how a business will continue operating
during an unplanned disruption in service.

Business Continuity Planning: The process of creating systems of prevention and recovery to
deal with potential threats to a company.

Business Ethics: The study of proper business policies and practices regarding potentially
controversial issues, such as corporate governance, insider trading, bribery, discrimination,
corporate social responsibility, and fiduciary responsibilities.

Business Planning: The process of creating a detailed plan on the actions and resources
needed to achieve the long-term goals of a business.

Business Process: A collection of linked tasks that find their end in the delivery of a service or
product to a client.
Business Recovery: The process of regaining access to the data, hardware, and software
necessary to resume critical business operations after a disaster.

Chapter 11: A form of bankruptcy that involves a reorganization of a debtor's business affairs,
debts, and assets.

Chief Compliance Officer (CCO): An executive responsible for overseeing and managing
regulatory compliance issues within an organization.

Chief Executive Officer (CEO): The highest-ranking executive in a company, whose primary
responsibilities include making major corporate decisions, managing the overall operations and
resources of a company, and acting as the main point of communication between the board of
directors and corporate operations.

Chief Financial Officer: An executive responsible for managing the financial actions of a
company, including tracking cash flow and financial planning as well as analyzing the company's
financial strengths and weaknesses and proposing corrective actions.

Chief Governance Officer (CGO): An executive responsible for ensuring that the board's
policies and directives are put into practice across the organization.

Chief Information Officer (CIO): An executive responsible for managing and implementing
information and computer technologies.

Chief Internal Auditor (CIA): The highest position within an organization's internal audit
department, responsible for the internal audit and control system.

Chief Risk Officer (CRO): An executive responsible for identifying, analyzing, and mitigating
internal and external risks to an organization.

Code of Ethics: A set of principles of conduct within an organization that guide decision making
and behavior.

Code of Ethics in Auditing: A set of guidelines and principles that govern the professional
conduct of auditors.

Compliance: The act of conforming to, adhering to, or matching specifications, standards, or
laws.

Compliance Audit: A comprehensive review of an organization's adherence to regulatory

guidelines.

Compliance Management Systems: Integrated systems designed to monitor and control an

organization's compliance with legal requirements.
Compliance Process: The method by which an organization ensures that it observes and
complies with external statutory laws and regulations.

Components of COSO: The five components are control environment, risk assessment, control
activities, information and communication, and monitoring activities.

Confidentiality: The ethical principle or legal right that a professional or organization should not
disclose information about a client without the client's consent.

Conflict of Interest: A situation in which a person or organization is involved in multiple

interests, financial or otherwise, which could possibly affect the motivation for actions in each
role.
Corporate and Criminal Fraud Accountability: A part of the Sarbanes-Oxley Act which
defines criminal penalties for altering or destroying financial documents and for trying to defraud
shareholders.

Corporate Development Officer (CDO): An executive responsible for strategic business

planning, identifying growth opportunities, and managing business alliances and acquisitions.

Corporate Governance: The system of rules, practices, and processes by which a company is
directed and controlled.

Corporate Governance According to IFAC: Defined by the International Federation of

Accountants as a set of relationships between a company’s management, its board, its
shareholders, and other stakeholders, which provides the structure through which the objectives
of the company are set, and the means of attaining and monitoring the performance of those
objectives.

Corporate Governance According to the International European Community: Defined as a

system by which companies are directed and controlled with a focus on the roles of
shareholders and other stakeholders, the board of directors, and executive management.

Corporate Governance According to the Philippine SEC: Defined as a framework of rules,

systems, and processes in the Philippines for corporations to govern themselves, so they can
fulfill their obligations ethically and sustainably.

Corporate Governance Charter: A document that outlines the governance framework,

practices, and guidelines followed by a company.

Corporate Governance Defined Under the Fraud Deterrence Cycle Perspective: A view of
corporate governance that focuses on preventing, detecting, and responding to fraudulent
activities within an organization.
Corporate Information Officer (CIO): An executive responsible for the management,
implementation, and usability of information and computer technologies within an organization.

Corporate Integrity: The adherence of a corporation to moral and ethical principles, especially
in its business practices.

Corporate Raiding: The practice of buying a large stake in a corporation and then using
shareholder voting rights to effect significant change within the company, often pursued for
short-term gains.

COSO Framework (Committee of Sponsoring Organizations of the Treadway

Commission): A framework for designing, implementing, and conducting internal control and
assessing its effectiveness.

Determinants of Effective Internal Audit System: Factors that contribute to the success of an
internal audit system, including independence, resources, and professional competence.

Dilemmas in the Accounting Profession: Ethical and practical challenges faced by

accountants, such as confidentiality, integrity, and conflict of interest.

Direct Responsibilities of Management: The specific tasks and duties that management is
directly responsible for in an organization, such as decision-making and strategy
implementation.

Dispute Analysis and Investigation: The process of examining and resolving disputes,
particularly in financial and business contexts, often involving forensic accounting techniques.

Duties of an Internal Auditor: The responsibilities of an internal auditor, including evaluating

and improving the effectiveness of risk management, control, and governance processes.

Economic Cycles: Fluctuations in economic activity, such as production and employment, that
occur around a long-term growth trend.

Economic Extortion: The act of using violence, threats, or other forms of pressure or coercion
to extort money or other economic benefits from an individual or entity.

ENRON Scandal & Bankruptcy: A major accounting scandal involving the bankruptcy of Enron
Corporation, which led to significant changes in financial reporting and corporate governance
regulations.

Enterprise Risk Management (ERM): A process used by organizations to manage risks and
seize opportunities related to the achievement of their objectives.
Ethical Obligations: Moral responsibilities and duties that individuals, particularly
professionals, have in their professional and personal conduct.

Ethical Obligations in Accounting: The moral responsibilities of accountants, including

honesty, integrity, and objectivity in their professional activities.

Ethics of Accounting: The moral principles that govern the conduct of accountants, including
honesty, integrity, and objectivity.

Executive Director: A member of a company's board of directors who is also an employee of

the company, often a senior executive.

External Audit: An independent examination of financial records and statements conducted by

an external auditor to ensure accuracy and compliance with accounting standards and
regulations.

Fiduciary Duty of Care: A legal obligation of one party to act in the best interest of another,
often relevant in the context of a trustee to a beneficiary.

Financial Audit: An audit conducted to provide an opinion on whether financial statements are
stated in accordance with specified criteria.

Financial Rehabilitation & Insolvency Act/FRIA: A legal framework in the Philippines that
provides for the rehabilitation or liquidation of financially distressed companies and individuals.

Five Functions of Governance: The primary responsibilities of governance, including setting

direction, making policy, overseeing management, accountability, and serving as a community
representative.

Flexibility Compliance Approach: A method of compliance that allows for adaptation and
modification of rules and procedures to suit specific situations.

Forensic Accounting: The use of accounting, auditing, and investigative skills to assist in legal
matters.

Forensic CPAs: Certified Public Accountants who specialize in forensic accounting, which
involves the integration of accounting, auditing, and investigative skills.

Forensic Accountants: Professionals who apply their knowledge of finance, accounting, and
auditing to investigate financial crimes or disputes.

Fraud: Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal
right.
Fraud Audit: An examination of financial records to determine if fraud has occurred.

Fraud Investigation: The process of examining allegations of fraud to determine if they can be
substantiated.

Fraud Triangle: A model for explaining the factors that cause someone to commit occupational
fraud, which includes opportunity, pressure, and rationalization.

Functions/Responsibilities of the CCO: The chief compliance officer's duties include ensuring
the organization's compliance with internal policies and external regulations, and managing the
compliance risk.

Functions/Responsibilities of the CDO: The corporate development officer's duties include

strategic business planning, identifying growth opportunities, and managing business alliances
and acquisitions.

Functions/Responsibilities of the CIO: The chief information officer's responsibilities include

overseeing the information technology strategy and its implementation in alignment with the
organization's goals.

Functions/Responsibilities of the CIA: The chief internal auditor's duties include leading the
internal audit department, overseeing internal control systems, and ensuring risk management
practices.

Functions/Responsibilities of the CRO: The chief risk officer's responsibilities involve

identifying, assessing, and mitigating risks to the organization's capital and earnings.

Governance: The act or process of governing or overseeing the control and direction of
something (e.g., a country or an organization).

Governance According to IFAC: Defined by the International Federation of Accountants as the

system by which organizations are directed and controlled.

Governance Planning: The process of establishing, directing, and coordinating governance

activities and frameworks within an organization.

Indicators of Fraud: Warning signs or red flags that suggest the possibility of fraud within an
organization.

Independent Director: A director on a company's board who does not have a material or
pecuniary relationship with the company or related persons, except for board compensation.
80. Indirect Responsibilities of Management: Responsibilities that management holds in terms
of creating a conducive environment for employees to perform their duties effectively.
Integrity: The quality of being honest and having strong moral principles.

Integrity in Accounting: Upholding ethical standards and transparency in accounting practices,

ensuring accuracy and honesty in financial reporting.

Internal Audit: An organizational function that provides independent, objective assurance and
consulting services to improve an organization's operations.

Internal Control: A process, effected by an entity's board of directors, management, and other
personnel, designed to provide reasonable assurance regarding the achievement of objectives
in the areas of effectiveness and efficiency of operations, reliable financial reporting, and
compliance with applicable laws and regulations.

Internal Control Mechanism in Corporate Governance: Systems and processes put in place
by a company to ensure reliability and integrity of financial and operational information, effective
and efficient operations, safeguarding of assets, and compliance with laws and regulations.

Investigative Audit: An audit that is conducted to investigate a specific area or issue within an
organization, often related to suspicions of fraud or mismanagement.

IT Audit: An examination of the management controls within an Information technology (IT)

infrastructure.

KPIs (Key Performance Indicators): Quantifiable measures that a company uses to evaluate
the success of an employee, team, or itself in meeting objectives for performance.

KRAs (Key Result Areas): Critical areas of performance that are essential for the organization
to achieve its goals and for employees' role clarity.
90. Management: The process of dealing with or controlling things or people, often in the
context of businesses or organizations.

Management Audit: An analysis and assessment of competencies and capabilities of a

company's management in carrying out corporate objectives.

Management Fraud: A deliberate act of deception by management that results in a material

misstatement in financial statements.

Management Succession: The process of identifying and developing new leaders who can
replace old leaders when they leave, retire, or die.
Managerial Control Systems: The systems and processes that a company uses to direct,
monitor, and evaluate its operations and performance.
Mark-to-Market Accounting Method: An accounting method that assigns a value to a position
held in a financial instrument based on the current fair market price for the instrument or similar
instruments.

Missioning: The process of defining a company or organization's mission, which is its primary
objectives or purpose.

Non-Executive Director: A member of a company's board of directors who is not part of the
company's executive team.

Objective Areas of COSO (Operations, Reporting & Compliance): The three primary
objectives of the COSO framework which are to provide reasonable assurance regarding the
achievement of objectives in operations, reporting, and compliance.

Operational Audit: A systematic review of effectiveness, efficiency, and economy of operation.

Operational Planning: The process of planning strategic goals and objectives to tactical goals
and objectives.

Operating Process: The systematic series of actions or steps taken to perform a particular task
or function in a business or organization.

Oversight: The action of overseeing something, such as an organization or process, especially

in terms of ensuring compliance and performance standards.

People, Performance, Process, and Purpose (4Ps of Corporate Governance): Key

elements in corporate governance that emphasize the importance of people, performance
measurement, efficient processes, and a clear purpose in achieving effective governance.

Phases of Business Continuity Planning: The stages involved in creating a business

continuity plan.

Policy on Accountability, Integrity, and Vigilance: This policy outlines an organization's

stance on responsibility, honesty, and attentiveness to prevent unethical conduct or wrongdoing.

Rules-Based Code of Ethics: Rules-based codes of ethics provide specific guidelines and
rules for ethical behavior, contrasting with values-based codes that focus on principles and
integrity

Three Tier Security Checks: Three-tier security checks typically refer to a multi-layered
security approach involving different levels of authentication or verification to ensure data and
system protection
Tyco Scandal: The Tyco scandal involved corporate fraud, including unauthorized loans and
executive misconduct, leading to legal repercussions for Tyco International and its top
executives