AUDIT SCOPE Definition

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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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CLEARED ITEMS are accounts payable documents which have been paid.

UNABSORBED COSTS occurs when the cost structure does not fully reflect all variable and/or fixed costs.

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