CORRESPONDENT BANK Definition

CORRESPONDENT BANK is a bank having communications and business links with the sellers bank.

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SUCCESSOR AUDITOR is the auditor of a client for the current year when that client had another auditor in prior years. The auditor who no longer audits  that client is the predecessor auditor.

INVESTMENT TRUST is a company that invests a fixed amount of money in a variety of stocks and shares as a way of spreading risk. Investment trusts have fixed capital, unlike unit trusts, which can create or redeem units in response to demand.

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