SOP Definition

Bookmark and Share

SOP is Statements of Position (within the AICPA or FASB) or Standard Operating Procedure.

Learn new Accounting Terms

STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.

FINANCIAL INSTITUTION CONFIRMATION REQUEST is a confirmation sent to the client's bank or other financial institution asking the bank to confirm directly to the auditor information about balances at a particular date.

Suggest a Term

Enter Search Term

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