AUDIT EVIDENCE Definition

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AUDIT EVIDENCE includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.

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GOING LONG is the purchase of commodities, bonds, or stock with no immediate intention of selling them, i.e. the purchase is for long term investment or speculation. See GOING SHORT.

EXECUTE is to carry out an internal control procedure, such as to sign and mail a check after inspecting supporting documents.

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