SIGNIFICANT RISK Definition

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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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DEPRECIATION RECAPTURE is a provision contained in the Internal Revenue Code that makes excess depreciation taken on real property subject to income tax upon the sale or disposition of the property.

STANDARD OF VALUE is the identification of the type of value being utilized in a specific engagement; e.g. fair market value, fair value, investment value.

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