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.


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.

  Anti-money laundering

International capital adequacy framework for deposit taking institutions (banks, etc)

  Chief Executive Officer

  Chief Financial Officer

  Chief Information Officer

  Chief Operating Officer

Earnings before interest, taxes, depreciation and amortisation

Financial Services

U.K. Financial Services Authority

Isle of Man Financial Supervision Commission

Generally accepted accounting principles - accounting ‘rules’ for particular country e.g. US GAAP, UK GAAP, AGAAP, NZ GAAP (for New Zealand) etc

Gross Domestic Product

International Accounting Standards

International Financial Reporting Standards

Intellectual property

Initial public offering, aka a ‘float’ when a private company is listed on a stock exchange for the first time

Information Risk Management

Key Performance Indicators

Line of business -one of the six industry sector groups ie FS, ICE, CM, IM, Govt, ENR

Managing Director

Organisation for Economic Co-operation and Development

Risk Advisory Services

Return on investment

US Securities and Exchange Commission

Small to medium enterprise

United States Generally Accepted Accounting Practice