Glossary of Auditing Terms

I

• identification (ID) -

• identification and authentication (I&A) - (identifying users and authenticating their identity)

• identity and access management (IAM) - (organizational system used to control access to a system)

• identity management (IdM) - (automated process for identifying/authorizing system users)

• Improved Machinery and Allied Products Institute (IMAPI) -

• inactive account (IA) -

• Incentive Stock Option plan (ISO) - (tax-free employee stock purchase plan)

• incident reponse management (IRM) - (organizational planning/structure for dealing with security incidents and recovery)

• incidental expense (IE) - (laundry, clothes cleaning)

• income available for common stockholders (IAC) -

• income statement (IS) - (summary financial statement of revenues and expenses)

• income tax (IT) -

• Independence Standards Board (ISB) -

• Individual Retirement Account (IRA) - (tax-deferred savings account)

• industrial control system (ICS) - (system used for controlling/monitoring operations in industrial production/services sectors - manufacturing, chemicals, critical infrastructure - energy production/transmission)

• Industrial Development Bond (IDB) - (debt issued by a municipality to finance plants and facilities)

• Industry Support Information Services (ISIS) -

• information and communication technologies (ICT) -

• information processing facility (IPF) - (building/location containing equipment for data processing - computer room and support areas)

• information systems (IS) - (activities involved in gathering, processing, storing, and using information)

• Information Systems Audit (ISA) - (Organization focused on information systems auditing, which would later become the Information Systems Audit and Control Association (ISACA).)

• Information Systems Audit and Control Association (ISACA) - (nonprofit industry organization for information systems professionals)

• information technology (IT) - (computers and electronic communications)

• Information Technology Governance Institute (ITGI) -

• Information Technology Infrastructure Library (ITIL) - (concepts and policies for information technology infrastructure management)

• information technology service management (ITSM) - (incident management/continuity of service)

• initial program load (IPL) - (initialization procedure which loads an operating system into memory storage on start-up)

• Initial Public Offering (IPO) - (corporation's first offering of stock to the public)

• Initiating, Diagnosing, Establishing, Acting and Learning model (IDEAL) - (software process improvement program model)

• input/output (I/O) -

• input-output table (I-O) - (table tracking industry-wide product purchases)

• Insider Trading Sanctions Act of 1984 (ITSA) - (SEC authorization to impose penalties for illegal trading)

• Inspector General (IG) - (federal office responsible for audits and investigations of programs and agencies and reporting to Congress)

• Institute of Certified Financial Planners (ICFP) -

• Institute of Certified Public Accountants of Kenya (ICPAK) -

• Institute of Chartered Accountants in Australia (ICAA) -

• Institute of Chartered Accountants of Bangladesh (ICAB) -

• Institute of Chartered Accountants in England and Wales (ICAEW) -

• Institute of Chartered Accountants of India (ICAI) -

• Institute of Chartered Accountants in Ireland (ICAI) -

• Institute of Chartered Accountants of Nigeria (ICAN) -

• Institute of Chartered Accountants of New Zealand (ICANZ) -

• Institute of Chartered Accountants of Pakistan (ICAP) -

• Institute of Chartered Accountants of Scotland (ICAS) -

• Institute of Chartered Accountants of Sri Lanka (ICASL) -

• Institute of Chartered Financial Analysts (ICFA) -

• Institute of Cost and Management Accountants (ICMA) -

• Institute of Internal Auditors (IIA) - (professional organization of internal auditors)

• Institute of Management Accounting/Accountants (IMA) - (national accounting organization)

• Institute for Supply Management (ISM) - (nonprofit organization for purchasing and supply management professionals)

• Institutional Shareholder Services (ISS) - (proxy voting, securities analysis, corporate governance services)

• intangible asset (IA) - (nonphysical asset with value from ownership - goodwill)

• intangible drilling cost (IDC) - (oil and gas expenditures for labor, taxes, repairs, supplies)

• integrated development environment (IDE) - (coordinated development of program components)

• integrated services digital network (ISDN) - (public telecommunications network providing a range of services - voice, video and data transmission)

• integrated test facility (ITF) - (audit technique where dummy transactions are processed along with live/actual transactions in a client's system)

• Integration Definition for Information Modeling (IDEFIX) -

• intellectual property (IP) - (trade secrets, copyrights, trade marks, patents)

• intellectual property rights (IPRs) - (rights from ownership of trade secrets, copyrights, trade marks, patents)

• Interactive Data Electronic Application (IDEA) - (replacement for SEC's EDGAR system)

• interactive data extraction and analysis (IDEA) - (EDP audit tool that allows the transfer and analysis of data from other computers)

• Interactive Financial Planning System (IFPS) -

• interactive voice response (IVR) -

• Inter-American Accounting Association (IAAA) -

• interest-adjusted net cost (IANC) - (valuation method of life insurance policies)

• interest on lawyers' trust accounts (IOLTA) - (Special bank accounts holding funds law firms hold for clients)

• interest only (IO) -

• Intermarket Surveillance Group (ISG) - (NASDAQ system)

• Intermarket Surveillance Information System (ISIS) - (US stock exchange information-sharing database)

• internal audit function (IAF) - (department responsible for internal audit)

• Internal Auditing Standards Board (IASB) - (standards-setting body for internal auditors)

• internal control (I/C) - (Organizational procedures that monitor the receipt and disbursement of funds and the recording of transactions.)

• internal controls over financial reporting (ICFR) -

• internal controls over financial reporting (ICOFR) - (organizational procedures that monitor the receipt and disbursement of funds and the recording of transactions)

• internal rate of return (IRR) - (method of calculating/analyzing rates for projects as an aid in decision making) (interest rate that would make the present value of future cash flows equal to the cost of the initial investment)

• Internal Revenue Code (IRC) - (Codification of the U.S. federal tax code. Considered the final official statement of federal tax law.)

• Internal Revenue Service (IRS) - (branch of the federal government overseeing tax collection)

• International Accounting Standards (IAS) - (international accounting and reporting standards)

• International Accounting Standards Board (IASB) - (independent regulatory body developing global standards)

• International Accounting Standards Committee (IASC) - (predecessor of the International Accounting Standards Board (IASB) - international body working on accounting issues/standards)

• International Accounting Standards Committee Foundation (IASCF) - (oversight of the International Accounting Standards Board (IASB)/fundraiser)

• International Association for Financial Planning (IAFP) -

• International Auditing and Assurance Standards Board (IAASB) - (arm of International Federation of Accountants (IFAC))

• International Auditing Practice Statements (IAPS) - (guidance on auditing issues)

• International Auditing Practices Committee (IAPC) - (panel of the International Federation of Accountants - predecessor of the IAASB )

• international balance of payments (IBOP) -

• International Bank for Reconstruction and Development (IBRD) - (known as the World Bank) (eonomic assistance for less-developed countries)

• International Chamber of Commerce (ICC) -

• International Congress of Accountants (ICA) - (organization for debating/resolving international accounting/auditing issues)

• International Corporate Governance Network (ICGN) - (organization providing a forum for governance issues)

• International Data Encryption Algorithm (IDEA) - (high-level block cipher for secure data encryption)

• International Federation of Accountants (IFA) (IFAC) - (organization for promoting global uniformity and cooperation - international guidance)

• International Finance Corporation (IFC) -

• International Financial Reporting Standards (IFRS) - (standards adopted by the International Standards Board)

• International Monetary Fund (IMF) - (organization created to supervise international financial system/lend money)

• International Organization of Securities Commissions (IOSCO) - (Madrid-based organization of securities commissions/regulators)

• International Organization for Standardization (ISO) - (isos - Greek word for equal) (global body for international standards)

• International Organization of Supreme Audit Institutions (INTOSAI) - (international body for governmental auditors/auditing)

• International Petroleum Exchange (IPE) - (European marketplace for regulated trading of energy contracts)

• International Securities Exchange (ISE) - (New York-based electronic securities, options trading)

• International Securities Market Association (ISMA) -

• International Securities Regulatory Organization (ISRO) -

• International Standard Book Number (ISBN) -

• International Standard Serial Number (ISSN) -

• International Standards on Auditing (ISA) - (guidelines for international auditing)

• International Stock Exchange of the United Kingdom and the Republic of Ireland (ISE) - (London-based securities trading)

• Internet Contol Message Protocol (ICMP) - (communications/message sytem used to determine network status, routing, computer availability)

• Internet packet (IP) - (Internet Protocol packet ready for sending - after addressing/labeling information has been included in packet)

• Internet Protocol (IP) - (suite of protocols that convert data into packets before transmission and allow the packets to be reassembled into understandable data at the receiving end)

• Internet Protocol Security (IPSec) - (set of protocols supporting the secure exchange of packets)

• Internet relay chat (IRC) - (Internet text conversations)

• Internet securities offering (ISO) -

• Internet service provider (ISP) - (organization/business providing Internet connection services)

• Internet of Things (IoT) - (global network of connected devices with embedded technologies)

• Internetwork Packet Exchange (IPX) - (packet transmission - system/devices allowing communication between components of a system)

• Interstate Commerce Commission (ICC) - (federal agency created by the Interstate Commerce Act of 1887, to insure fair and reasonable rates from carriers and transportation service forms - regulatory activities of the ICC in the rail, truck, and bus industries were curtailed by legislation in the 1970s and 1980s - the ICC was abolished by the ICC Termination Act of 1995 and many of its duties were transferred to the National Surface Transportation Board (NSTB))

• intrusion detection system (IDS) - (system for detecting unauthorized use or attacks on a computer network or telecommunications infrastructure)

• intrusion prevention system (IPS) - (technology/system designed to block/prevent unauthorized access to system resources)

• inventory valuation adjustment (IVA) -

• Investment Counsel Association of America (ICAA) - (nonprofit organization for SEC-registered investment advisory firms)

• investment tax credit (ITC) -

• Investor Relations (IR) -

• invitation to tender (ITT) - (request to vendors to submit pr (oj)ect proposal bids)

• Irish Stock Exchange (ISE) - (Dublin-based securities selling)

• issued capital stock (ICS) - (stock issued and delivered to stockholders)

• Italian Stock Exchange (ISE) - (Borsa Italiana)