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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STORAGE can be: a. a depository for goods, e.g. a stockroom or warehouse; b. the process of storing information in a computer memory or on a magnetic tape or disk; or c. an electronic memory device.

PRICE FIXING is an illegal practice where competing companies agree, informally or formally, to jointly restrict or control prices within a specified range.

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