AUDIT PLAN / PLANNING Definition

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AUDIT PLAN / PLANNING is developing an overall strategy for the expected conduct and scope of the audit. The nature, extent, and timing of planning varies with the size and complexity of the entity, experience with the entity, and knowledge of the entitys business.

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COLA is Cost-Of-Living Adjustment.

SMALL-CAP is a stock with a capitalization, meaning a total equity value, of less than $500 million.

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