AUDIT OBJECTIVE Definition

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AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

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PROCESS ACCOUNTING see PROCESS COSTING.

SALES ALLOWANCE is an offer of a lower price as an inducement to the buyer to accept delivery under special circumstances, e.g. when the merchandise delivered is not exactly what was ordered.

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