SIGN-OFF Definition

SIGN-OFF is approval or agreement, e.g. to sign-off on a purchase contract.

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INHERENT LIMITATION is whether the potential effectiveness of an entity's internal control is subject to inherent limitations, e.g., human fallibility, collusion, and management override.

EQUITY ACCOUNTING is the practice of showing in a companys accounts the share of undistributed profits of another company in which it holds equity ownership (usually below 50%). The share of profit shown is usually equal to its share of the equity in the other company. The profit may not actually be paid over, but the equity holding company has a right to this share of the undistributed profit.

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