COST AVOIDANCE Definition

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COST AVOIDANCE is an action taken in the present designed to decrease costs in the future.

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CONTINUING AUDITOR is the auditor of the current year who also audited the financial statements of the client for the previous year.

SPLIT-OFF POINT is the stage in the production process at which joint products become identified as distinct products which can be sold or processed further; this is called the split-off point.

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