AUDIT SCHEDULES are the information formats developed by the external auditors to guide the corporation in the preparation of particular information presented in a particular manner that facilitates the audit. These should always be completed by the corporation prior to the start of the audit.
DETECTION RISK is the risk that audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.
CAPITAL EXPENDITURE RATIO is the ratio of capital expenditure and other investments to total assets. It is used as a proxy for growth opportunities in a financial analysis.
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