AUDIT REPORT Definition

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AUDIT REPORT is a signed, written document which presents the purpose, scope, and results of the audit. Results of the audit may include findings, conclusions (opinions), and recommendations.

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SETOFF is the discharge of a debt by setting against it a distinct claim in favor of the debtor.

LIQUIDITY is a. a companys ability to meet current obligations with cash or other assets that can be quickly converted to cash; b. in securities, it is the ease with which an instrument can be bought or sold at or near prevailing market prices in the secondary market (often reflected by the range of the bid-asked spread).

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