TIME DRAFT Definition

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TIME DRAFT is a draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. See SIGHT DRAFT.

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AUDIT SCOPE refers to the activities covered by an internal audit. Audit scope includes, where appropriate: audit objectives; nature and extent of auditing procedures performed; Time period audited; and related activities not audited in order to delineate the boundaries of the audit.

STATUTORY LIEN is an involuntary lien, which is created by law rather than by contract. Statutory liens include tax liens, judgment liens, mechanics liens, etc.

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