ASSURANCE ENGAGEMENT Definition

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ASSURANCE ENGAGEMENT is an engagement in which an accountant issues a report
designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).

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REFERENDUM is when a legislative act is referred for final approval to a popular vote by the electorate, e.g., a bond referendum.

WRITE-DOWN is the reduction in the book value of an asset.

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