BASE PERIOD Definition

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BASE PERIOD is a specified time period under which data is gathered, analyzed and used as a benchmark against which comparative financial or economic data from other periods is measured.

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AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

COMMERCIAL PAPER is short-term obligations with maturities ranging from 2 to 270 days issued by corporations, banks, or other borrowers to investors who have temporarily idle cash on hand. Commercial paper is usually unsecured and discounted.

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