OUT-OF-THE-MONEY OPTION is an option that has no intrinsic value; for example, an option whose strike price, in the case of a put, is lower than the stocks current price, or in the case of a call, is higher. An investor who buys an out-of-the-money option is speculating that the option will rise in value and become in-the-money. See IN-THE-MONEY OPTION.
IMPLEMENTATION OF INTERNAL CONTROL means the auditor determines that the relevant controls exist and that the entity is using them.
CONTRACTEE is the person or entity who will receive the goods or services under the provisions of the contract.
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