DETECTION RISK Definition

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DETECTION RISK is the risk that audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.

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REMIC is Real Estate Mortgage Investment Conduit. Refers to U.S. legislation, created with the Tax Reform Act of 1986, that allowed for the issuance of collateralized mortgage obligations.

CASH IN BANK literally means coin, currency, and cash items on deposit.

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