Australia

Glossary 

It is the nature of business to shorten names and titles to acronyms and to have an ever-increasing number of terms which might puzzle the uninitiated. This page offers some definitions of commonly used acronyms and terms.
AAP
IFSB
AARM
IIA
AASB
IM
ACI
Interpreter®
ADPT
IP
AFSL
IRM
AGS
IRR
AIFRS
ISA
AMA
ISACA
AML
IT
AQRB
IT due diligence
AR
ITCR
ARC
ITGI
ARM
JV
ASA
KPMG
ASAE
KPMG 404 Institute
ASIC
KPMG Electronics, Software and Services practice
ASPAC
KPMG ENR Tax Masterclass training program
ASRE
KPMG Financial Services Global Client Program
ASX
KPMG Financial Services practice
AUASB
KPMG Financial Services Tax practice
Audit related services
KPMG Global Automotive Sector practice
BRIC economies
KPMG Global Chemicals Sector practice
CA
KPMG Global Energy & Natural Resources practice
CA Program
KPMG Global Energy Conference
CAATs
KPMG Global Energy Institute
CAS
KPMG Global ENR Tax practice
CEAC
KPMG Global Financial Services Tax practice
CEE
KPMG Global Food, Drink and Consumer Goods practice
CFO
KPMG Global Forensic group
CISA
KPMG Global Government practice
CISM
KPMG Global Industrial Products practice
CISSP
KPMG Global Real Estate and Construction practice
CM
KPMG Global Retail practice
CORPS ACT
KPMG Global Tax Outsourcing practice
COSO
KPMG Global Transfer Pricing Services practice
DP
KPMG Global Transport practice
DPP
KPMG GTO practice
DRP
KPMG IFRG
ED
KPMG Indirect Tax practice
ELV
KPMG International
EMA
KPMG International Board
ENR
KPMG International Corporate Tax practice
Enterprise 2.0
KPMG International Council
ERM
KPMG International Management Committee
ERMs
KPMG IT Advisory Team
Estate agent / realtor
KPMG Private Equity Group
EU-ETS
Kyoto Protocol
Euro I
Lead partner
Euro IV exhaust emission standards
M&A
Euro V
MMA
EVM project management software
MNOs
FMCG
M-payments
Four dimensions of business change, the
MUS
FRAP
OECD
FRC
OEM / OEMs
FRP
PCAOB
FS
PFI
FSA
PPP
GAPP survey
Prospective reporting
GCC
R&D
GHG
RISC
GTMS
RoHS
GTPS
RWCR
HAZMAT legislation
SAVCA
HR
SEC
IAIS
SOX
IASB
SPVs
ICAAP
TaxCube
ICE
US Basel II
IFIs
WEEE
IFRIC
WTO
IFRS


Asia Anchor Practice

AAA Risk Management

Australian Accounting Standards Board

KPMG established the Audit Committee Institute (ACI) to help audit committee members keep pace with business issues relating to governance, audit, accounting and financial reporting. Since its inception in 1999, KPMG member firms have launched ACIs in 20 countries.

Audit Difference Posting Threshold

Australian Financial Services Licence

Auditing Guidance Statement

Australian International Financial Reporting Statements

Advanced measurement approach

Anti-money laundering

Audit Quarterly Review Board

Analytical Review

Audit Regulatory Compliance

Australian Reporting Manual

Australian Standards on Auditing

Australian Standards on Assurance Engagements

Australian Securities & Investment Commission

Asia Pacific

Australian Standards On Review Engagements

Australian Securities Exchange

Auditing Standards Board

Services designed to help clients address specific issues which may relate to major regulatory or reporting changes or to the need for special skills on accounting matters.

 Brazil, Russia, India and China

Chartered Accountant

A course of study assessed by the Institute of Chartered Accountants in order to gain entry as a member of the ICAA and become a CA.

Computer Assisted Audit Technique

Capital Adequacy Standard

Client & Engagement Acceptance & Continuance. KPMG’s International Executive Team has approved CEAC as the global process for evaluating prospective and existing clients and engagements across all functions within KPMG.

Central and Eastern Europe

Chief Financial Officer

Certified Information Systems Auditor. (relates to ISACA body)

Certified Information Security Manager (relates to the ISACA body)

Certification for Information Systems Security Professional

Consumer Markets one of the recognised KPMG Lines of Business.

Corporations Act 2001

Committee of Sponsoring Organisations - published Internal Control - Integrated Framework (COSO framework identifies three primary objectives of internal control - efficiency and effectiveness of operations, financial reporting and compliance with laws and regulations.

Discussion Paper

Department of Professional Practice

Disaster Recovery Planning

Exposure Draft

End of Life Vehicles Directive. EU Legislation

Europe, Middle East and Africa region

Energy & Natural Resources. The ENR sector includes oil and gas, power and utilities, mining and forestry industries.

Enterprise social software (E2.0). The use of an entire suite of emergent technologies — wikis, blogs, tagging, and social networking tools — both inside companies and between companies and the outside world.

Enterprise risk management

Enterprise Risk Management frameworks

Professionals dealing with the valuation and sale of property.

EU Emissions Trading Scheme. Launched in January 2005 with mandatory GHG (green house gas) emission controls for industrial activities from 1 January 2005. Currently focusing on activities including the production and the manufacture of ferrous metals, pulp and paper, the scope of the scheme is expected to be widened to include other GHG emissions and industrial activities from January 2008.

Legislative regime that came into effect in 1992.

Legislative regime to come into effect in 2008.

Earned value management project management software. Software that evaluates contractor management.

Fast moving consumer goods

People, processes, technology and risk/control

Financial Reporting Audit Program

Financial Reporting Council

Financial Reporting Panel

Financial Services, one of the recognised KPMG Lines of Business.

Financial Statement Audit

Global Assignment Policies and Practices

Gulf Co-operation Council

Green house gas

Global Tax Management System. A KPMG proprietary system.

KPMG Global Transfer Pricing Services practice. A network of KPMG professionals based in KPMG member firms providing transfer pricing services.

Legislation regarding the regulation of hazardous materials.

Human resources

International Association of Insurance Supervisors

International Accounting Standards Board

Internal Capital Adequacy Assessment Process

Information Communication and Entertainment, one of the recognised KPMG Lines of Business.

Islamic financial institutions

International Financial Reporting Interpretations Committee

International Financial Reporting Standards

Islamic Financial Services Board

Institute of Internal Auditors

Industrial Markets, one of the recognised KPMG Lines of Business.

KPMG web-based transfer pricing platform.

Intellectual property

Information Risk Management

Integrated regulatory reporting

Information Security Assessment

Information Systems Audit and Control Association

Information Technology

Evaluation of external IT systems. An IT audit of the value, effectiveness and risk profile of a client's IT systems.

IT Control Review questionnaire can be used for completing control environment reviews.

IT Governance Institute

Joint venture

Klynveld Peat Marwick Goerdeler

A forum where organisations can learn more about the requirements of section 404 of the Sarbanes-Oxley Act (SOX 404), and discuss ways to address the evolution of effective internal controls.

A network of KPMG professionals based in KPMG member firms providing services to clients in the electronics and software sectors.

The Masterclass training program is a cooperative approach to learning. Built around case study workgroups, over the course of two days, the workgroups and the client work together discussing client issues, brainstorming possible solutions, and cultivating a client/KPMG network.

Through the Global Client Program Financial Services coordinates global service delivery, to clients aligning their line of business, functions and regional needs.

A network of KPMG professionals based in KPMG member firms providing financial services.

A network of KPMG professionals based in KPMG member firms providing tax services to organisations in the financial services sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the automotive sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the chemicals sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the energy and natural resources sectors.

The KPMG Global Energy Conference is held annually in Houston, Texas, USA.

For financial executives in the energy industry to learn about the industry challenges and opportunities, share leading practices and conduct an ongoing dialogue about emerging energy-industry issues.

A network of KPMG professionals based in KPMG member firms providing tax services to clients in the energy and natural resources sectors. 

A network of KPMG professionals based in KPMG member firms providing tax services to clients in the financial services sector.

A network of KPMG professionals based in KPMG member firms providing services to clients in the food, drink and consumer goods sectors including food, drink, tobacco, apparel, consumer durables fast moving consumer goods (FMCG), and luxury goods.

A network of KPMG professionals based in KPMG member firms providing forensic services.

A network of KPMG professionals based in KPMG member firms providing services to clients in government.

A network of KPMG professionals based in KPMG member firms providing services to clients in the industrial products sector including industrial manufacturing, aerospace and defence, machinery and electrical equipment manufacturing, metal processing and metal products.

A network of KPMG professionals, based in KPMG member firms providing services to clients in the real estate and construction sectors.

A network of KPMG professionals based in KPMG member firms providing services to retail clients.

KPMG GTO practice. A network of KPMG professionals based in KPMG member firms providing global tax outsourcing services.

A network of KPMG professionals based in KPMG member firms providing global transfer pricing services.

A network of KPMG professionals based in KPMG member firms providing services to clients in the transport sector including aviation, shipping and ports, land transport, road freight and logistics.

KPMG Global Tax Outsourcing practice. A network of KPMG professionals based in KPMG member firms providing global tax outsourcing services.

KPMG International Financial Reporting Group. A single independent unit based in the U.K. providing international financial reporting services.

A network of KPMG professionals based in KPMG member firms providing indirect tax services.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent firms.

The International Board has an overall mandate to review, endorse and implement the policies and regulations of KPMG International.

A network of KPMG professionals based in KPMG member firms providing international corporate tax services.

The International Council approves common goals and significant new policies to make sure the network of member firms that comprise KPMG International is developed, governed and managed effectively. The Council meets at least twice a year.

An eight-member International Management Committee, which meets at least six times a year, is responsible for debating key issues and making recommendations to the main Board.

A network of KPMG professionals based in KPMG member firms providing IT advisory services.

A network of KPMG professionals based in KPMG member firms providing services to clients in the private equity market.

International climate change accord

KPMG partner with overall responsibility for managing the KPMG member firms' relationship with the client.

Mergers and acquisitions

Middle Market Advisory

Mobile network operators

Mobile payments

Monetary Unit Sampling ( Software for substantive sampling technique)

Organisation for Economic Co-operation and Development

Original equipment manufacturer(s)

Public Company Accounting Oversight Board. A product of the Sarbanes- Oxley Act and nurtured into maturity by the SEC in the US. Created in the wake of scandals such as WorldCom and Enron.

Private finance initiatives

Public private partnership

Where permitted, assisting clients with the preparation, due diligence or attestation required as part of a process to obtain financing.

Research and development

Resources Investments Strategy Consultants

Restriction of Hazardous Substances Directive

Risk-weighted capital ratio

South African Venture Capital & Private Equity Association

US Securities and Exchange Commission

Sarbanes-Oxley Act. US legislation enacted in the wake of the WorldCom and Enron scandals.

Special purpose vehicles

KPMG proprietary software.

Known as Basel IA.

Waste Electrical and Electronic Directive.

World Trade Organisation

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