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 EVIDENCE includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.

STRATEGY MAP is the visual representation of an organization’s strategy and the processes and systems necessary to implement that strategy. A strategy map will show employees how their jobs are linked to the organization’s overall objectives.

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