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OPEN MARKET OPERATIONS is the purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the Federal Reserve in order to influence the volume of money and credit in the economy. Purchases inject reserves into the depository system and foster expansion in money and credit; sales have the opposite effect. Open market operations are the Federal Reserve's most important and most flexible monetary policy tool. They are used to promote higher or lower growth in money and credit, and to offset undesirable changes in the reserve positions of depository institutions stemming from movements in currency, float, Treasury deposits and other factors.
SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits that client is the predecessor auditor.
PARALLEL SIMULATION TESTING is the simultaneous performance of multiple operations. It provides evidence of the validity of processing if the second processing system yields the same results as the first. Auditors use their own generalized audit software to process the same data as was processed by the client’s software. If the output of the audit software is the same as the output of the client’s software that is evidence that the client’s software is performing properly.
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