WORK IN PROCESS Definition

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WORK IN PROCESS is parts and subassemblies in the process of becoming completed finished goods.

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RISK ASSESSMENT PROCEDURES are the audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and relevant assertion levels.

SYD see SUM-OF-THE-YEARS-DIGITS.

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