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Auditing Acronyms

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V

VA - Veterans Administration (federal agency administering programs for veterans)

VA - Veterans Affairs (federal agency administering programs for veterans - formerly known as the Veterans Administration)

VAN - value-added network (an electronic data interchange infrastructure, often maintained by an outside vendor, which automates and coordinates manual processes done by employees, such as inventory tracking and ordering)

VAR - value at risk (models used by financial institutions to measure the risks of complex derivatives)

VAT - Value-Added Tax (a form of consumption tax levied on the value added to a product at each stage of its manufacturing cycle as well as at the time of purchase by the ultimate consumer)

VB - Visual Basic (programming language which allows programmers to lay out the program's windows graphically)

VBO - Vested Benefit Obligation (the actuarial present value of vested pension benefits employees have a right to receive regardless of future employment or future salary levels)

VC - variable cost (a cost that changes in total in proportion to changes in the activity level)

VD - volume deleted (note on stock market reporting tape, during periods of heavy trading, that the volume of trades will not be reported)

Veep - Vice President

VELDA SUE - Venture Enhancement & Loan Development Administration for Smaller Undercapitalized Enterprises (federal agency that buys small business loans made by banks, pools them, then issues securities that are bought as investments by larger institutions)

VFM - value-for-money auditing (alternative term for operational auditing - an evaluation of management's performance and conformity with policies and budgets)

VHWO - voluntary health and welfare organization (an organization, supported by public contributions, that offers free or low-cost services to the public)

VI - value index (net income produced by one dollar of research expense on new products)

VIE - Variable Interest Entity (entity whose equity investors do not have sufficient equity at risk to enable the entity to finance its own activities)

VIP - Very Important Person

VIPER - Vanguard Index Participation Receipts (Exchange-Traded Fund whose underlying asset is a Vanguard index fund)

VIX - Volatility Index of the Chicago Board Options Exchange (CBOE) (measure of traders' expectations of volatility)

VL - Value Line Investment Survey (investment advisory service that ranks stocks)

VLAN - virtual local area network (switching technology which allows an administrator to create separate groups of local computers which operate as a virtual network)

VO - variable (factory) overhead (portion of factory overhead that varies directly with changes in volume - supplies, fuel, power)

VOAR - variable overhead absorption rate (variable overhead divided by the number of units)

VoIP - Voice over Internet Protocol (allows voice/phone calls to be transmitted over an (IP) Internet Protocol network)

VOL - volume (total number of stock shares, bonds, or commodities futures contracts traded in a particular period)

VP - Vice President

VPN - Virtual Private Network (a virtual version of a secure, physical network, which uses encrypted packets sent over the Internet - can be remote, between branch offices, or local)

VRDN - Variable-Rate Demand Note (note representing borrowings, usually from a commercial bank, that is payable on demand and that bears interest tied to a money market rate)

VRM - Variable Rate Mortgage (mortgage agreement between a financial institution and a real estate buyer stipulating predetermined adjustments of the interest rate at specified intervals)

VSE - Vancouver Stock Exchange

VSE - Vienna Stock Exchange

VTC - Voting Trust Certificate (transferable certificate of beneficial interest in a voting trust, allowing for control of a corporation)

VWAP - Volume-Weighted Average Price (the price at which the majority of trading in a given stock took place on a given day)