MANAGEMENT LETTER Definition

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MANAGEMENT LETTER identifies issues not required to be disclosed in the Annual Financial Report but represent the auditors concerns and suggestions noted during the audit.

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MODIFIED ACCELERATED COST RECOVERY SYSTEM (MACRS) is a system used in accounting to define the rate and method under which a fixed asset will be depreciated for tax purposes.

UNDERABSORBED OVERHEAD is where total overhead has not been fully allocated to products sold or services offered. Such a condition can result in an understatement of COGS or cost of sales.

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