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Unformatted text preview: material misstatement and in accordance with GAAP standards. This is the reason the bank was able to lower the interest rate a full percentage point because they were more satisfied that an audit will provide more assurance and this reduces the possibility of the loan not being repaid. Requiring only a review which provides less assurance enabled the bank to charge a higher interest rate because they were assuming more of a risk....
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This note was uploaded on 10/18/2011 for the course LITERATURE LIT 101 taught by Professor Stault during the Spring '11 term at Albany State University.
- Spring '11