LEGAL ENTITY is a person or organization that has the legal standing to enter into contracts and may be sued for failure to perform as agreed in the contract, e.g., a child under legal age is not a legal entity, while a corporation is a legal entity since it is a person in the eyes of the law.
INCOME STATEMENT see PROFIT AND LOSS STATEMENT.
CONTINUING AUDITOR is the auditor of the current year who also audited the financial statements of the client for the previous year.
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