INSPECT / INSPECTION Definition

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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.

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TRUST FUND is a fiduciary relationship calling for a trustee to hold the title to assets, usually monetary, for the benefit of the beneficiary.

MORTGAGE BOND is a bond in which the issuer has granted the bondholders a lien against the pledged assets.

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