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.
REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.
CORPORATION is a type of business organization chartered by a state and given many of the legal rights as a separate entity.
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