AUDIT FAILURE Definition

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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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OVERALL REVIEW, in accounting, is the stage of the audit where the assessment of conclusions reached and evaluation of the overall financial statement presentation. The overall review includes reading the financial statements and notes and considering adequacy of evidence gathered in response to unusual or unexpected balances. Results of an overall review may indicate the need for additional evidence.

NEGATIVE DOLLAR is a dollar that is owed to another entity.

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