ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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STANDARD OF VALUE Definition
STANDARD OF VALUE is the identification of the type of value being utilized in a specific engagement; e.g. fair market value, fair value, investment value.
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CONTROL ENVIRONMENT is the attitude, awareness, and actions of the board, management, owners, and others about the importance of control. This includes integrity and ethical rules, commitment to competence, board or audit committee participation, organizational structure, assignment of authority and responsibility, and human resource policies and practices.
LITIGATION SUPPORT is all activities, usually within the law firm, that is designed to prepare a lawyer to try a case, including document review, interviewing witnesses, and case preparation. Litigation support activities include the organization of documents, including paper-based document management, but increasingly through technology such as litigation support software and systems. Documents are organized into searchable databases for review and production.
