EXTERNAL AUDITOR Definition

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EXTERNAL AUDITOR is an auditor, usually working for an audit firm, that is completely independent of the company it is auditing. External auditors should always be certified by a professional association of accountants, and should be selected by, and report to, the corporation's board of directors.

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BANK WIRE is an electronic message network developed by an association of banks to communicate information between members of the association. It speeds and facilitates the transfer of funds and reporting of security transactions, quotes the payment and nonpayment of items and gives credit information on individuals and organizations. Unlike the Fed Wire System, it is not used to send actual payments, but rather to inform banks in the association about the movement of certain funds affecting a particular bank's account.

DEDICATED TRANSACTIONS, in securities, is a list all the transactions (including cash) for each portfolio together with any relevant fees and notes. And, not only can one monitor profit/loss but you can also chart the historical valuation of a portfolio, monitor the annualized rate of return, compare portfolio performance against indices or sectors and chart the performance of different constituents of a portfolio on a single chart.

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