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.

Learn new Accounting Terms

ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS see ALLOWANCE FOR BAD DEBTS.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) is a recognized common set of accounting principles, standards, and procedures. GAAP is a combination of accepted methods of doing accounting and policy board set authoritative standards.

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