AUDIT is the inspection of the accounting records and procedures of a business, government unit, or other reporting entity by a trained accountant for the purpose of verifying the accuracy and completeness of the records. It could be conducted by a member of the organization (internal audit) or by an outsider (independent audit). A CPA audit determines the overall validity of financial statements. A tax audit (IRS in the U.S.) determines whether the appropriate tax was paid. An internal audit generally determines whether the company's procedures are followed and whether embezzlement or other illegal activity occurred.
CURRENT COUPON is the the coupon for a recently issued bond that reflects the prevailing level of interest rates, with the result that the bond is priced at or close to par value.
GMROI is an acronym for Gross Margin Return On Investment (retail).
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