Can someone explain what a carve out is?

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When you buy a too ripe avocado, gotta carve out the brown part before eating it.

likefunnyhelpful

Please don’t tell me you’re the senior who got added to my carve out team today

funnylikeuplifting

Google my friend. You have made it to senior.

likefunny

All I gotta say is, “Good luck!”

likefunny

Auditing a piece of an existing company that will soon be its own new entity. Therefore, you’re scoping and overall planning will be just over this ‘Carved’ entity.

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It’s when a company wants to potentially spin off an piece of their company or a component and will need to prepare stand alone or “carved out” financial statements for that component, subsidiary or product line.

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I think it has something to do with pumpkins and Jack 'o lanterns

uplifting

Carving out financial statements that don’t exist from a larger entity with most likely existing financial statements.

I usually use this in SOC reports and under the carve-out method, controls for the subservice organization are excluded from the service organization’s report. As such no control testing were performed.

Pain

You should consider retiring

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