COMPLETENESS Definition

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COMPLETENESS deals with whether all transactions and accounts that should be in the financial statements are included. For example, management asserts that all purchases of goods and services are included in the financial statements. Similarly, management asserts that notes payable in the balance sheet include all such obligations of the entity.

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AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.

FINANCIAL MANAGEMENT is the process of managing financial resources, including management decisions concerning accounting and financial reporting, forecasting, and budgeting.

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