INDEPENDENT AUDIT Definition

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INDEPENDENT AUDIT is an examination of financial statements conducted by an outside CPA (one not employed by the firm being examined) according to generally accepted auditing standards (GAAS) for the purpose of expressing an opinion as to whether the statements are a fair presentation in accordance with generally accepted accounting principles (GAAP).

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CROSS-FOOTING is the addition of columns of figures in different ways to check the accuracy of the totals, e.g. vertically and horizontally deriving the same total in a spreadsheet.

DCA is DURABLE COMPETITIVE ADVANTAGE. See SUSTAINABLE COMPETITIVE ADVANTAGE.

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