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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OVERSIGHT, in management, is overseeing the performance or operation of a person or group; or, generally, an unintentional omission resulting from failure to notice something.

YUAN is a currency of China.

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