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When a control deficiency is identified,the auditor should inquire about
Partnership Agreement
A Partnership Agreement is a legal document that outlines the rights, responsibilities, and shares of profits and losses among the partners of a business partnership.
Profits and Losses
Financial gains and losses resulting from the operation of a business or investment.
Investment of Time
The allocation of time towards a particular activity or project with the expectation of receiving benefits or value from it in the future.
Uniform Partnership Act
A model law adopted by various states to govern the operation of partnerships with the aim of making laws consistent across states.
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