ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INSPECT / INSPECTION Definition
INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.
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EXTEND, in math, means to multiply one number by another (e.g. to test extensions is to test the accuracy of multiplication done by the client). To extend audit procedures is to apply additional audit procedures to obtain more evidence.
UNDERWRITERS SPREAD see UNDERWRITERS DISCOUNT.