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What is audit engagement ? What's the difference between financial asset and financial instrument?

Auditing Accountancy
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Question added by muhammad ali janjua , Assistant financial controller , Baahir Outdoor Product (forte Associates )
Date Posted: 2015/06/24
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Zahir Abbas
by Zahir Abbas , Computer Operator , Govt of KPK Finance Department

audit engagement is the agreement between and audit firm and an entity whose financial statements are going to be audited.

financial assets are the assets an entity holds, while financial instruments are the type if liabilities and entity can acquire.

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