Dutch to English translations [PRO]
Bus/Financial - Accounting | | Dutch term or phrase: attestmarkt | Is this as simple as 'certificate market'?
Het spreekt dan ook voor zich dat we in wat wij de attestmarkt noemen - waar we also commissaris van de onderneming optreden - geen diensten aan zullen bieden die volgens de regelgeving ter zake niet zijn toegelaten.
They also refer to a 'niet-attestmarkt'. |
| Lucy SimpsonKudoZ activityQuestions: 661 (none open) ( 6 without valid answers) Answers: 107
| | Local time: 06:25
|
| | assurance market | Explanation:
To auditors, this term means their monopoly on issuing opinions (audit reports) on financial statements. In order to issue such opinions, auditors first have to perform an audit, a lengthy process involving many aspects of a company's accounting and internal control systems. The 'assurance' aspect refers to the 'true and fair view', which is meant to give readers of financial statements a reasonable amount of certainty that the figures presented in the financial statements are reliable. As we all know (Enron (Arthur Anderson), Ahold and others) these can sometimes be a lot less than reliable.
--------------------------------------------------
Note added at 32 mins (2005-02-09 19:13:10 GMT)
--------------------------------------------------
Perhaps you should make that a little more specific and say\' audit assurance market\'.
--------------------------------------------------
Note added at 37 mins (2005-02-09 19:18:10 GMT)
--------------------------------------------------
The \'niet-attest markt\' is a word coined to indicate that auditors should avoid conflicts of interest and refrain from accepting engagements in the advisory sphere from a company when they also audit this company\'s financial statements. A very undesirable situation. So any work other than audit work would be \'niet-attest markt\'. Perhaps you could just refer to it as any engagements other than audit engagements.
--------------------------------------------------
Note added at 13 hrs 10 mins (2005-02-10 07:50:13 GMT)
--------------------------------------------------
I see that audit and attest market is in fact used in English.
https://complianceweek.com/index.cfm?fuseaction=Page.viewPag...
Samuel L. Burke spent three years as associate chief accountant for the SEC, where he was involved in resolving auditing and independence issues and participated in a variety of rulemaking projects. Now a partner in Pricewaterhouse-Coopers\' national independence office, Burke answered questions from CW editors on topics ranging from non-audit service trends to competition in the audit and attest market.
--------------------------------------------------
Note added at 13 hrs 40 mins (2005-02-10 08:20:39 GMT)
--------------------------------------------------
Only one hit on Google for \'non-attest market\' (Ernst & Young, my former employer)
Non-attest services is used, however. See:
http://www.pcps.org/member/pcpsbrief120804b.htm
Just as CPA firms with public company clients need to “farm out” certain non-attest services to a “second firm,” local and regional firms are finding that there are significant opportunities to working cooperatively with each other.
|
| Selected response from:
xxxjarry
South Africa
Local time: 07:25
| Grading comment I'm always so grateful for the explanations, because I like seeing the bigger picture. Even though we ended up back at attest market, at least I know precisely what it is now!
4 KudoZ points were awarded for this answer |
| |
| Discussion entries: 0 |
|---|
Automatic update in 00:
|
12 mins confidence:   peer agreement (net): +2 assurance market
Explanation:
To auditors, this term means their monopoly on issuing opinions (audit reports) on financial statements. In order to issue such opinions, auditors first have to perform an audit, a lengthy process involving many aspects of a company's accounting and internal control systems. The 'assurance' aspect refers to the 'true and fair view', which is meant to give readers of financial statements a reasonable amount of certainty that the figures presented in the financial statements are reliable. As we all know (Enron (Arthur Anderson), Ahold and others) these can sometimes be a lot less than reliable.
--------------------------------------------------
Note added at 32 mins (2005-02-09 19:13:10 GMT)
--------------------------------------------------
Perhaps you should make that a little more specific and say\' audit assurance market\'.
--------------------------------------------------
Note added at 37 mins (2005-02-09 19:18:10 GMT)
--------------------------------------------------
The \'niet-attest markt\' is a word coined to indicate that auditors should avoid conflicts of interest and refrain from accepting engagements in the advisory sphere from a company when they also audit this company\'s financial statements. A very undesirable situation. So any work other than audit work would be \'niet-attest markt\'. Perhaps you could just refer to it as any engagements other than audit engagements.
--------------------------------------------------
Note added at 13 hrs 10 mins (2005-02-10 07:50:13 GMT)
--------------------------------------------------
I see that audit and attest market is in fact used in English.
https://complianceweek.com/index.cfm?fuseaction=Page.viewPag...
Samuel L. Burke spent three years as associate chief accountant for the SEC, where he was involved in resolving auditing and independence issues and participated in a variety of rulemaking projects. Now a partner in Pricewaterhouse-Coopers\' national independence office, Burke answered questions from CW editors on topics ranging from non-audit service trends to competition in the audit and attest market.
--------------------------------------------------
Note added at 13 hrs 40 mins (2005-02-10 08:20:39 GMT)
--------------------------------------------------
Only one hit on Google for \'non-attest market\' (Ernst & Young, my former employer)
Non-attest services is used, however. See:
http://www.pcps.org/member/pcpsbrief120804b.htm
Just as CPA firms with public company clients need to “farm out” certain non-attest services to a “second firm,” local and regional firms are finding that there are significant opportunities to working cooperatively with each other.
| xxxjarry
South Africa
Local time: 07:25
Specializes in field
Native speaker of: English
PRO pts in category: 164
|
| | Grading comment | I'm always so grateful for the explanations, because I like seeing the bigger picture. Even though we ended up back at attest market, at least I know precisely what it is now! |
|
Return to KudoZ list
|
| | | | X Sign in to your ProZ.com account... | | | | |
| KudoZ™ translation helpThe KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases. See also: Search millions of term translations  |
The translation workplace 
