FIDUCIARY Definition

Bookmark and Share

FIDUCIARY is a person or business (for example, a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty.

Learn new Accounting Terms

RISK ASSESSMENT PROCEDURES are the audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and relevant assertion levels.

EFFECTIVENESS is producing a desired outcome. An audit procedure is effective if the evidence supports a correct conclusion.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.