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Grundsätze der formellen Ordnungsmäßigkeit

English translation: the principles of sound accounting

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17:52 Jun 27, 2003
German to English translations [PRO]
Bus/Financial - Accounting
German term or phrase: Grundsätze der formellen Ordnungsmäßigkeit
I have two different formulations here, the first referring to the preparation of the financial statements, and the second to the management/handling of the accounts.
These are both taken from a report by the person commissioned with preparing the financial statements for a sole proprietorship.

I'm not sure about the common phraseology used for these in English (can't really say GAAP in this case) or how to distinguish between the two sets of Grundsätze. Can somehome help?

TIA, Beth


(1) Die Aufstellung des Jahresabschlusses erfolgte unter Beachtung der handelsrechtlichen und steuer-rechtlichen Vorschriften sowie der **Grundsätze ordnungsmäßiger Buchführung und Bilanzierung**

(2) Die Buchführung entspricht den **Grundsätzen der formellen Ordnungsmäßigkeit**
Beth Kantus
United States
Local time: 22:33
English translation:the principles of sound accounting
Explanation:
or "sound accounting principles"

--------------------------------------------------
Note added at 2003-06-27 17:55:58 (GMT)
--------------------------------------------------

Or \"(generally accepted) principles of sound accounting practice\":
]Betriebswirtschaftliches Rechnungswesen und Unternehmensleitung ...
File Format: PDF/Adobe Acrobat - View as HTML
... forms of statements of financial position – main users of financial account- ing
– legal basis – principles of sound accounting practice - relationship ...
www.fhw-berlin.de/fhw/fhw2000/internationales/ ects/rewe_steuern.pdf - Similar pages

Garza Co. Financial Management Review
... extent to which the governments’ online services and electronic infrastructure
comply with state law, fundamental principles of sound accounting and internal ...
www.window.state.tx.us/lga/fmr/garzaco/overview.html - 11k - Cached - Similar pages

Praying With Power - Day 4
... Truth\" includes the written word, principles of sound accounting, medicine, research,
long term church planting, missionaries -- similar to the concept of ...
www.ad2000.org/pwpday4.htm - 8k - Cached - Similar pages

Resolved, that the Commercial Law League of America does hereby ...
... business. (f) Maintains accounting procedures and records in accordance
with generally accepted principles of sound accounting practice. ...
www.clla.org/cert_com.html - 42k - Cached - Similar pages

Financial Reporting: Getting it Right the First Time
... Most companies with high standards followed the principles of sound accounting,
but the act helps all companies be clear about what they should be doing to ...
www.bfmag.com/bfwires/corporatefinancelink/ features/coverstory.html - 34k - Cached - Similar pages

Certificate of Membership
... business. Maintains accounting procedures and records in accordance with generally accepted principles of sound accounting practice. ...
www.cccacollect.com/certificate.htm - 17k
Selected response from:

William Stein
Costa Rica
Local time: 20:33
Grading comment
Thanks to you both for your help!
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1the principles of sound accounting
William Stein
3 +1principles of formal due diligence
Kim Metzger


  

Answers


2 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
the principles of sound accounting


Explanation:
or "sound accounting principles"

--------------------------------------------------
Note added at 2003-06-27 17:55:58 (GMT)
--------------------------------------------------

Or \"(generally accepted) principles of sound accounting practice\":
]Betriebswirtschaftliches Rechnungswesen und Unternehmensleitung ...
File Format: PDF/Adobe Acrobat - View as HTML
... forms of statements of financial position – main users of financial account- ing
– legal basis – principles of sound accounting practice - relationship ...
www.fhw-berlin.de/fhw/fhw2000/internationales/ ects/rewe_steuern.pdf - Similar pages

Garza Co. Financial Management Review
... extent to which the governments’ online services and electronic infrastructure
comply with state law, fundamental principles of sound accounting and internal ...
www.window.state.tx.us/lga/fmr/garzaco/overview.html - 11k - Cached - Similar pages

Praying With Power - Day 4
... Truth\" includes the written word, principles of sound accounting, medicine, research,
long term church planting, missionaries -- similar to the concept of ...
www.ad2000.org/pwpday4.htm - 8k - Cached - Similar pages

Resolved, that the Commercial Law League of America does hereby ...
... business. (f) Maintains accounting procedures and records in accordance
with generally accepted principles of sound accounting practice. ...
www.clla.org/cert_com.html - 42k - Cached - Similar pages

Financial Reporting: Getting it Right the First Time
... Most companies with high standards followed the principles of sound accounting,
but the act helps all companies be clear about what they should be doing to ...
www.bfmag.com/bfwires/corporatefinancelink/ features/coverstory.html - 34k - Cached - Similar pages

Certificate of Membership
... business. Maintains accounting procedures and records in accordance with generally accepted principles of sound accounting practice. ...
www.cccacollect.com/certificate.htm - 17k


William Stein
Costa Rica
Local time: 20:33
Native speaker of: Native in EnglishEnglish
PRO pts in category: 38
Grading comment
Thanks to you both for your help!

Peer comments on this answer (and responses from the answerer)
agree  karolina_mb
2 mins
Login to enter a peer comment (or grade)

52 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
principles of formal due diligence


Explanation:
This is a more literal translation In Woywode Ordnungsmäßigkeit is translated as 'due diligence audit'. Hamblock/Wessels translates it as 'reliability of the accounting records.'

So what's the difference - due diligence and audit?
They are both undertaken by accountants. They both involve a review of financial information. Does the name really matter?
Yes. Yes. Yes.
Imagine a close friend entrusts you with a blank, signed cheque to go and buy them a second hand Ferrari. Having found what looks like the perfect model, the owner provides you with a certificate of roadworthiness from a reputable garage - dated last week. This certificate is required by law to be updated on an annual basis for all cars more than three years old. The procedures to be performed by a garage in providing the certificate are set out therein. The purpose is to provide a degree of comfort that the car is roadworthy.
Would this "certificate" be sufficient for your purposes? Would you rely on the current owner's representations that the car has been well maintained? Or would you insist upon performing your own "due diligence" procedures: a test drive, a look under the bonnet, a close inspection of the paintwork and doors to ensure everything is in order and "as expected"?

Formal Due Dilligence
The following occurs after the Managing Directors agree to proceed with the formal due diligence process. Saints will:
• Arrange for a meeting with the company. Saints' investors and potential funders of portfolio purchases may be included in company meetings and will often assist with due diligence on the company.
• Review the written material sent and conduct the associated due diligence. Information required to complete a formal due diligence includes:

http://www.saintsvc.com/duedilligence.html



    Reference: http://www.financeasia.com/Articles/96516217-9557-11D5-81D00...
    Reference: http://www.saintsvc.com/duedilligence.html
Kim Metzger
Mexico
Local time: 21:33
Native speaker of: Native in EnglishEnglish
PRO pts in category: 181

Peer comments on this answer (and responses from the answerer)
agree  Сергей Лузан: To fail to appreciate the differences between an audit and a due diligence exercise can be a costly mistake to make.
19 hrs
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Changes made by editors
Dec 6, 2005 - Changes made by Steffen Walter:
Field (specific)(none) » Accounting
Field (write-in)accounting/auditing » (none)


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