COST REDUCTION Definition

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COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.

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STANDARD OF VALUE is the identification of the type of value being utilized in a specific engagement; e.g. fair market value, fair value, investment value.

AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

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