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Term: Accounting -> Audit
Term:

Audit

Definition:

A review of

(1) the operating, administrative, and financial activities of an agency for conformance with all legal and administrative requirements and conformance with the principles of economy and efficiency; or

(2) selected claims, cost proposals, grants, loans, or similar agreements entered into by an agency for conformance with the principles of economy and efficiency.

Related terms:

Monetary measurement

Incorporate
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