ATTORNEY'S LETTER is signed by the client's lawyer and addressed to the auditor It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.
PROVISION, generally, is to prepare in advance for an event that is projected to take place in the future. In accounting, it is an amount charged against profits for a specific liability (for example: bad debts, depreciation or taxes). A liability may be known, but the amount is often uncertain. This uncertainty may lead to an adjustment in a later income statement once the final amount of the liability is ascertained.
KRONUR (KRONA)is a currency of Iceland.
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