MEDIUM TERM ASSETS, usually, are those assets that are expected of having a useful life of between six months and two years of the present.
ANALYTICAL PROCEDURE is a comparison of financial statement amounts with an auditor's expectation. An example is to compare actual interest expense for the year (a financial statement amount) with an estimate of what that interest expense should be. The estimate can be found by multiplying a reasonable interest rate times the average balance of interest bearing debt outstanding during the year (the auditor's expectation). If actual interest expense differs significantly from the expectation, the auditor explains the difference in audit documentation.
UNQUALIFIED OPINION is an independent auditors opinion that a companys financial statements comply with accepted accounting procedures. See QUALIFIED OPINION.
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