AUDIT SCHEDULES Definition

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AUDIT SCHEDULES are the information formats developed by the external auditors to guide the corporation in the preparation of particular information presented in a particular manner that facilitates the audit. These should always be completed by the corporation prior to the start of the audit.

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PENSION FUND is a fund reserved to pay workers pensions when they retire from service. Also known as SUPERANNUATION FUND.

COMPOUND INTEREST is interest calculated from the total of original principal plus accrued interest.

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