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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GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) is a nonprofit organization responsible for establishing and improving accounting and financial reporting standards for governmental units.

REGULATION is the act of controlling or directing according to rule (e.g., the Securities Act of 1933 or SEC and FASB accounting regulations), i.e. it is the act of bringing to uniformity.

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