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Why are external auditors interested in risk management?
Economic Profit
Profit calculated by subtracting both explicit (direct) and implicit (indirect or opportunity) costs from total revenues.
Economic Profit
The profit a company makes after deducting both explicit (direct payments) and implicit (opportunity) costs.
Normal Profit
Normal profit is the minimum level of profit needed for a company to remain competitive in the market, equivalent to the opportunity cost of capital.
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