AUDIT OPINION LETTER Definition

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AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

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UNAPPROPRIATED PROFITS are those profits that have been withdrawn from a business by its proprietors or appropriated for any other purpose.

FORM 1065 (Schedule K-1) is the domestic partnership income tax return form used in the U.S.

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