TEST COUNT Definition

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TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

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INELIGIBLE is securities not quoted on the OTCBB. A Form 211 and two copies of the issuer's information must be filed with the FINRA OTC Compliance Unit no less than three business days prior to the publication on the OTCBB in order to obtain clearance that will grant the security OTCBB eligible status.

SCOPE, in accounting, is the type of engagement. The scope of an engagement might be a review, an audit, or a compilation. A scope limitation is a restriction on the evidence the auditor can gather.

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