ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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SUFFICIENCY, in accounting, is a measure of the quantity of audit evidence. The independent auditor's objective is to obtain sufficient appropriate evidence to provide a reasonable basis for an opinion.
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LEHMAN FORMULA is a compensation formula originally developed by investment bankers Lehman Brothers for investment banking services:
- 5% of the first million dollars involved in the transaction for services rendered
- 4% of the second million
- 3% of the third million
- 2% of the fourth million
- 1% of everything thereafter (above $4 million)
NOTE: Most investment bankers now require an additional multiplier to offset inflation.
TOR; among many others; can mean Time of Receipt, Terms Of Reference, Time of Report, etc.