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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NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

GINNIE MAE see GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

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