CHURNING Definition

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CHURNING, in securities, is the frequent trading of an account in order to generate commissions.

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REFINANCE is to to renew or reorganize the financing of an asset, e.g. obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

OVERALL REVIEW, in accounting, is the stage of the audit where the assessment of conclusions reached and evaluation of the overall financial statement presentation. The overall review includes reading the financial statements and notes and considering adequacy of evidence gathered in response to unusual or unexpected balances. Results of an overall review may indicate the need for additional evidence.

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