MONITORING Definition

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MONITORING is the evaluation of the firm’s system of quality control to provide reasonable assurance that it is designed appropriately and operating effectively.

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ORDER is a listing of goods or services requested from a supplier with specifications and desired delivery method.  A company starts the purchase process internally with a requisition, which results in an order being transmitted to a supplier.  When the supplier ships the goods or provides the service, an invoice is sent to the customer telling the customer the specifications, delivery method, and price of those goods or services.

DIRECTORS VALUATION is a valuation that is not an independent valuation.

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