Page 55 - New Employee Glossary

Glossary 55

Public Affairs (PA)

Combines government relations, media communications, issue management, corporate and
social responsibility, information dissemination and strategic communications advice.
Practitioners aim to influence public policy, build and maintain a strong reputation and find
common ground with stakeholders.

Public Company Accounting Oversight Board (PCAOB)

A non-profit organization that regulates auditors of publicly traded companies. The PCAOB
was established as a result of the creation of the Sarbanes-Oxley Act of 2002. The board's
aim is to protect investors and other stakeholders of a public company by ensuring that the
auditor of a company's financial statements has followed a set of strict guidelines.

Purchase Acquisition

Accounting for a merger by adding the acquired company's assets at the price paid for them
to the acquiring company's assets. Any premium paid above market price is recorded as
goodwill, to be charged against future earnings.

Purchase Order (PO)

After the purchase requisition has been fully approved, this document is issued and sent to
the vendor to indicate type, quantities, and agreed upon price for products or services.

Purchase Requisition (PR)

Written request to purchase products or services that needs to be approved by the
applicable levels of management.

Q

Qualified Trainer (QT)

An individual whose training and experience adequately prepares him or her to carry out
specified training assignments.

Quality Assurance (QA)

Pre-planned and systematic activities necessary to assure and verify confidence in the
quality of the processes used to produce a product or service

Quality Control (QC)