AUDIT FAILURE Definition

AUDIT FAILURE is an instance where the auditor said that the financial statements were fairly stated when in fact, they were not.

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DISCOUNT PAPER is securities that are issued at a discount and mature at face, or par value. The difference, rather than coupon payments, represents the interest earned at maturity .

ELECTRONIC DATA PROCESSING (EDP) is the processing of information by computer as opposed to handwritten records.

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