APPLICATION CONTROL Definition

APPLICATION CONTROL is the programmed procedure in application software designed to ensure completeness and accuracy of information.

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AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

RECEIVABLE is an amount awaiting receipt of payment.

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