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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INDEFEASIBLE not liable to being annulled or voided or undone, usually in reference to an interest in real property (e.g., an indefeasible ownership interest in a piece of property).

SUSTAINABLE COMPETITIVE ADVANTAGE (SCA) is the realization of long-term benefits of implementing unique core strategies that create value. The sustainable advantage over competitors is due to their inability to duplicate the benefits of the strategies implemented.

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