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detailed audit

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Financial Dictionary

detailed audit

A thorough and complete examination of all or a selected portion of an organization's books. In a detailed audit, as opposed to a normal audit, systems of internal control, the details of all the transactions, books of account, subsidiary records, and supporting documentation may be examined for accuracy, use of generally accepted accounting principles, total accountability, and legality.

Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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