DONATED ASSETS Definition

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DONATED ASSETS are assets received in a voluntary non-reciprocal transfer from another entity such as gifts of capital assets; usually voluntary contributions of resources to a governmental entity by a non-governmental entity.

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ATTORNEY'S LETTER is signed by the client's lawyer and addressed to the auditor It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.

ENVIRONMENT, in an accounting control assessment, is the attitude, awareness, and actions of the board, management, owners, and others about importance of control. It
includes integrity and ethical rules, commitment to competence, board or audit committee participation, organization structure, assignment of authority and responsibility, and human resource policies and practices.

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