STATEMENTS OF AUDITING STANDARDS Definition

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STATEMENTS OF AUDITING STANDARDS (SAS) provide guidance to external auditors on Generally Accepted Auditing Standards (GAAS) in regards to auditing an entity and issuing a report.

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DIRECT LABOR RATE VARIANCE reveals the difference between the standard rate and actual rate for the actual labor hours worked [(standard rate - actual rate) X actual hours].

STATUTORY DEDUCTIONS are those deductions that are required by law or regulation, e.g. payroll taxes deducted from wages.

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