MATERIAL WEAKNESS is a condition that could potentially result in the material misstatement of the financial statements.
EXTERNAL AUDITOR is an auditor, usually working for an audit firm, that is completely independent of the company it is auditing. External auditors should always be certified by a professional association of accountants, and should be selected by, and report to, the corporation's board of directors.
RECEIPTS this term, unless otherwise qualified, in accounting means cash received.
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