DISCRETIONARY COST Definition

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DISCRETIONARY COST can be increased or decreased at the discretion of the decision maker (e.g., advertising and business travel).

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INTEGRITY is consistent adherence to an ethical code. If client management lacks integrity the auditor must be more skeptical than usual.

SPECIFIC IDENTIFICATON INVENTORY VALUATION is a method of valuing and tracking inventory where each item can be identified. Specific identification is most often used for large, easily traceable items, such as furniture or vehicles. If tracking each individual inventory item is not practical, the inventory can be valued using other accepted methods, such as the first-in, first-out method (FIFO) or the last-in, first-out method (LIFO).

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