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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3% RULE see THREE PERCENT RULE.

INTEREST RATE SWAPTION is an option on an interest rate swap. It gives the holder the right but not the obligation to enter into an interest rate swap at a specific date in the future, at a particular fixed rate and for a specified term.

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