REPORTABLE CONDITION Definition

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REPORTABLE CONDITION is a matter coming to the auditor's attention relating to SIGNIFICANT DEFICIENCIES in the design or operation of the entitys internal control that could ADVERSLY AFFECT an entity's ability to fulfill future obligations with customers and/or the satisfaction of liabilities.

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BILL AND HOLD see SHIP IN PLACE.

REDISCOUNT is to discount short-term negotiable debt instruments for a second time, after they have been discounted with a bank.

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