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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ACRS is Accelarted Cost Recovery System.

PIERCING THE CORPORATE VEIL is a legal concept through which a corporations shareholders, who generally are shielded from liability for the corporations activities, can be held responsible for certain actions.

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