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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ACCRUED INTEREST is interest earned but not paid since the last due date.

MEDIAN is the value of the midpoint variable when the data are arranged in ascending or descending order.

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