AUDIT ADJUSTMENT Definition

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AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.

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ASSET VALUATION is the process of determining the current worth of a portfolio, company, investment, or balance sheet item. The term is often used to describe the worth of an asset which may be incorporated into company accounts, where the ownership of the asset is not necessarily to be transferred but the valuation is required for the balance sheet, company takeovers, share flotation or mortgages.

VENDOR STATEMENT is a statement by the seller to the buyer detailing material particulars regarding the property in question (suitability for intended use).

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