ATTESTATION RISK Definition

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ATTESTATION RISK is the risk the CPA may unknowingly fail to modify the report
on management’s assertion. It is composed of inherent risk, control risk, and detection risk.

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LIBID is the London Interbank Bid Rate, the rate that a bank is willing to pay for funds in the international interbank market.

NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

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