PREDECESSOR AUDITOR Definition

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PREDECESSOR AUDITOR is the auditor of a client for a prior year who no longer audits that client.

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EXAMINATION, in an audit, is evaluating the preparation of  prospective statements, support underlying assumptions, and presentation. The accountant reports whether, in his
or her opinion, the statements conform to AICPA guidelines and assumptions provide a reasonable basis for the responsible party's forecast. The accountant should be independent, proficient, plan the engagement, supervise assistants, and obtain sufficient evidence to provide a reasonable basis for the report.

DEVELOPMENT normally refers to a) improving a product or producing new types of products; or b) in real estate, process of placing improvements on or to a parcel of land.

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