LIFO RESERVE Definition

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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

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PBC LIST (PROVIDED BY CLIENT LIST) is a request by external auditors of items that will be required from the client by the auditor prior to the commencement of fieldwork. Such PBC lists are preliminary and will likely be expanded once the audit commences.

DEVIATION is the departure from prescribed internal control. Often expressed as a rate at which the departure occurs.

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