AUDIT OBJECTIVE Definition

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AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

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RETURN ON STOCKHOLDERS EQUITY is a measure of how profitably the company is utilizing shareholders funds. It is calculated: profit after tax + total stockholders equity. Also called RETURN ON NET WORTH.

DOCUMENT REVIEW is a formalized technique of data collection involving the examination of existing records or documents.

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