BUSINESS RISK Definition

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BUSINESS RISK see OPERATING RISK.

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VALUATION is the act or process of determining the value of a business, business ownership interest, security, or intangible asset.

AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

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