INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.
CAPITAL REDUCTION means reducing a companys stated capital base.
CONTINGENCY BUDGET is the amount of money required to implement a contingency plan. If an authorized entity approves a contingency plan, it would normally set aside a contingency budget, which would only be called upon if the contingency plan had to be implemented.
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