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Financial Audit
An audit conducted to determine
whether all funds are properly accounted for
to verify the accuracy of financial statements
and the facts they represent, and to ensure
that financial transactions are recorded and
shown accurately in all accounts.
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Financial Interest
1. The ownership of any interest in or
involvement in a relationship that may result
in a person receiving a sum of money or
something of value.
2. To hold any management position in a
business or any management position.
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Financial Lease
A form of purchase financing,
usually long-term, in which a leasing company
(lessor) purchases an asset on behalf of the
customer (lessee) in return for a series of
payments that are contractually agreed upon
and usually include interest. See also:
Operating Lease.
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Financial Ratio
A number that demonstrates the
relationship between two elements of a firm’s
financial statement.
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Finished Good
A good that has been
manufactured or assembled and is ready for
sale or distribution.
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Firewall
Security hardware or software for
computers that provides a barrier between an
entity’s internal (trusted) network and external
(untrusted) network data. Firewalls provide a
level of protection for the trusted network
from malicious data (e.g., viruses, worms,
spam) and unauthorized access. Most
firewalls adopt a positive control model, in
which the firewall monitors all incoming and
outgoing network data based on rules,
collectively referred to as “policy.” Network
data that does not meet those rules is denied
access to or is unable to be forwarded from
the trusted network.
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Firm
A partnership or business unit of two or
more persons not recognized as a
corporation.
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Firm Bid
A bid that binds a bidder until a
specified time of expiration.
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Firm Fixed Price (FFP) Contract
A contract that
provides for a price that cannot change during
the contract period.
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First Article Testing
