OVERALL REVIEW Definition

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OVERALL REVIEW, in accounting, is the stage of the audit where the assessment of conclusions reached and evaluation of the overall financial statement presentation. The overall review includes reading the financial statements and notes and considering adequacy of evidence gathered in response to unusual or unexpected balances. Results of an overall review may indicate the need for additional evidence.

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DIRECT EXPENSE is that portion of expense that is directly expended in providing a product or service for sale and is included in the calculation of COST OF GOODS SOLD, e.g. labor and inventory.

ASC is Accounting Standards Committee or Australian Securities Commission.

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