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.
ASSESSMENT is a. proportionate share of a shared expense; or, b. amount of tax or other levied special payment due to a governmental municipality or association.
INCLUDIBLE COMPENSATION is defined in section 403(b)(3) of the Internal Revenue Service (IRS) Code as compensation, received from a qualifying employer by an employee, which is includible in the employees gross income for the most recent period which may be counted as 1 year of service. In this connection, section 1.403(b)-1(e)(1) of the regulations provides that for purposes of computing an employees exclusion allowance for a taxable year, such employees includible compensation in respect of such taxable year means the amount of compensation which is includible in his gross income.
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