Glossary 

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Audit Committee Institute

ACI. KPMG established the Audit Committee Institute (ACI) to help audit committee members keep pace with business issues related to governance, audit, accounting, and financial reporting. Since its inception in1999, KPMG has launched ACIs in 20 countries.

Chief Financial Officer

Energy and 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

UK usage: estate agent; US usage: realtor. Professionals dealing with the valuation and sale of property.

Fast moving consumergoods

People, processes, technology and risk/control

UK Financial Services Authority

Global Assignment Policies and Practices

Gulf Co-operation Council

Green house gas

GTMS. 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 Accounting Standards Board

Internal Capital Adequacy Assessment Process

Islamic financial institutions

International Financial Reporting Standards

International Financial Reporting Standards

Islamic Financial Services Board

KPMG web-based transfer pricing platform

Intellectual property

Integrated regulatory reporting

Information Technology

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

Joint venture

A forum where organizations can learn more about the requirements of section 404 of the Sarbanes-Oxley Act,  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.

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

KPMG International Financial Reporting Group. A network of KPMG professions based in KPMG member firms providing international financial reporting services.

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

Mergers and acquisitions

Mobile network operators

Organization for Economic Co-operation and Development

Organization for Economic Co-operation and Development

Original equipment manufacturer(s)

Private finance initiatives

Public private partnership

Research and development

Registration, Evaluation and Authorization of Chemicals. European Union (EU) directive which came into effect on June 1, 2007 and  requires chemical manufacturers and importers in the EU to prove the safety of their products.

Restriction of Hazardous Substances Directive

Security and Exchange Commission

In the UK, National Insurance.

Special purpose vehicles

Known as Basel IA.

Value Added Tax

Waste Electrical and Electronic Directive

World Trade Association