UNIFORM COMMERCIAL CODE (UCC) is a collection of modernized, codified, and standardized laws that apply to all commercial transactions with the exception of real property. Developed under the direction of the National Conference of Commissioners on Uniform State Laws, the American Law Institute, and the American Bar Association (ABA), it first became U.S. law in 1972. Since that time, it has undergone a process of constant revision.
OBJECTIVITY, of an internal auditor, is dependent upon the organizational status of the internal audit function, whether the internal auditor has direct access and reports regularly to the board, the audit committee, or owner-manager, and who oversees internal auditor employment decisions.
B/D is Brought Down (T-accounts).
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