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(Real Estate) An inspection of property by a buyer very close to the time for closing to determine that the condition of the property has not changed since the purchase contract was executed or that promised changes have been made.

(Accounting) A means for an auditor to confirm his understanding how internal control over financial reporting is designed and operates to evaluate and test its effectiveness. The auditor inquires of and observes the personnel who actually perform the controls; reviewing documents that are used in, and that result from, the application of the controls; and comparing supporting documentation to the accounting records. In ...