PUBLIC CORPORATION Definition

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PUBLIC CORPORATION is a corporation formed by federal, state or local governments for specific public purposes.

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BOOK(S) when used as a noun refers to journals or ledgers (for example: cash book). When used a verb it refers to the recording of an entry (for example: to book the sale).

SIGNIFICANT RISK is an identified and assessed risk of material misstatement that, in the auditor's judgment, requires special audit consideration.

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