PROCESS is to subject to a process or treatment, with the end result being to ready for some purpose, improving, or remedying a condition, e.g. a manufacturing process or a sales order booking process.
THEORETICAL USAGE, in a manufacturing environment, is the projected or budgeted usage of parts, materials or supplies as opposed to the actual usage that may occur.
MANAGEMENT REPRESENTATION LETTER is a letter addressed to the auditor, signed by the client's chief executive officer and chief financial officer. During an audit, management makes many representations to the auditor. Written representations from management in the letter confirm oral representations given to the auditor, document the continuing appropriateness of such representations, and reduce the possibility of misunderstanding.
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