COMPLIANCE AUDIT Definition

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COMPLIANCE AUDIT is the review of financial records to determine whether the entity is complying with specific procedures or rules.

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QUALITY OF EARNINGS is the increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.

INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.

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