RISK ASSESSMENT PROCEDURES are the audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and relevant assertion levels.
FIDDLY is requiring close attention to detail, i.e. to be fussy (primarily used in Great Britain).
PRIMARY MARKET is the first sale of a newly issued security. Those securities are purchased in the primary market. All subsequent trading of those securities is done in the secondary market.
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