AUDIT SCOPE Definition

AUDIT SCOPE refers to the activities covered by an internal audit. Audit scope includes, where appropriate: audit objectives; nature and extent of auditing procedures performed; Time period audited; and related activities not audited in order to delineate the boundaries of the audit.

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ACCOUNTING TREATEMENT is the methods, processes and decisions as to any given accounting decision as to how a transaction is to be or is handled in compliance to GAAP and all applicable statutes.

OPEN-END FUND is a mutual fund that continually offers shares for sale and will always redeem existing shares for cash at the shareholder's request.

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