AFUDC Definition

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AFUDC is Accumulated Funds Used During Construction or Allowance for Funds Used During Construction.

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ZERO BASED BUDGET is where the expenses or costs of the prior year are not taken into consideration when establishing expense or budgetary levels looking forward. Each expense category starts from zero. All expenses or cost levels within the budget must be justified or re-justified as being necessary; thus "zero-base".

OBJECTIVITY, of an internal auditor, is dependent upon  the organizational status of the internal audit function, whether the internal auditor has direct access and reports regularly to the board, the audit committee, or owner-manager, and who oversees internal auditor employment decisions.

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