PERMANENT AUDIT DOCUMENTATION Definition

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PERMANENT AUDIT DOCUMENTATION includes items of continuing accounting significance, such as the analysis of balance sheet accounts and contingencies. Such information from a prior year is used in the current audit and updated each year. Sometimes called the continuing file.

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OBSERVE / OBSERVATION is to watch and test a client action, e.g., taking inventory.

COST APPROACH is a general way of estimating a value indication of an individual asset by quantifying the amount of money that would be required to replace the future service capability of that asset.

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