AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.
GOVERNMENT AUDITING STANDARDS is a book issued by the comptroller general of the United States, sometimes called the "yellow book." Government Auditing Standards contains standards for audits of government organizations, programs, activities, and functions and of government assistance received by organizations. The audit is designed to provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a direct and material effect on determination of financial statement amounts, are followed when required by law, regulation, agreement, contract, or policy.
BOOK COST, normally, is the cost at the time an asset is purchased or realized, i.e. the total amount paid to acquire an asset.
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