DISCLOSURE Definition

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DISCLOSURE is to reveal information. Financial statement footnotes are one way of providing necessary disclosures.

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INTERNAL AUDIT is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. To this end, internal auditing furnishes them with analyses, appraisals, recommendations, counsel, and information concerning the activities reviewed. The audit objective includes promoting effective control at reasonable cost. Occasionally a corporation may contract an external auditor or firm to conduct its internal audit function.

ATP is an acronym for After Tax Profit, Accredited Tax Preparer, and possibly more.

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