INTRODUCTORY PARAGRAPH Definition

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INTRODUCTORY PARAGRAPH, in an auditor's report, is the first paragraph of the auditor's standard report which identifies the financial statements audited and states the financial statements are the responsibility of management and that the auditor's responsibility is to express an opinion on the financial statements based on the audit.

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PAYMENT ON ACCOUNT see ON ACCOUNT.

OPTIMISM is a general disposition to expect the best in all things.

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