RECEIVING Definition

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RECEIVING is to get something or come into possession of something. In a company it can be a location where goods are received.

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SUBSTANTIVE AUDIT PROCEDURE is a direct test of a financial statement balance designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (classes of transactions, account balances, and disclosures), and substantive analytical procedures.

EFT see ELECTRONIC FUNDS TRANSFER.

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