UNDERBUDGETED Definition

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UNDERBUDGETED is a line item within a budget to where the budgeted amount is not sufficient to cover the actual amount.

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ATTORNEY'S LETTER is signed by the client's lawyer and addressed to the auditor It is the auditor's primary means to corroborate information furnished by management about litigation, claims, and assessments.

WITHOLDING, dependent upon application, is: a. income tax withheld from employees wages and paid directly to the government by the employer; or, b. a tax deducted from dividends on investments which are paid to foreign investors. This can be claimed back if there is a Double Taxation Agreement in place between the countries. See WITHHOLDING TAX.

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