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Understanding the client's processes
You are on the audit team of Buckner and Halston,LLP.Your firm as has accepted Boris Spyder,Inc. ,a manufacturer of fish food.What are some methods you will use in order to understand the business and accounting processes of Boris?
Repayment Schedule
A detailed plan outlining the frequency, amount, and duration of payments owed by a borrower to a lender until the debt is paid off.
Promissory Estoppel
A legal principle that prevents a party from going back on a promise made when the other party has reasonably relied on that promise to their detriment.
Promisor
The person or party in a contract who has made a promise to perform or deliver something to the other party.
Consideration
The value (such as money, a service, or a promise) that is exchanged between parties in a contract.
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