AUDITING STANDARDS Definition

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AUDITING STANDARDS provide minimum guidance for the auditor that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective. They are the criteria or yardsticks against which the quality of the audit results are evaluated.

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AUDIT OPINION LETTER is a signed representation by an auditor as to the reliability and fairness of a set of financial statements. It is usually presented at the beginning of an audit report.

LEVERAGE RATIOS measures the relative contribution of stockholders and creditors, and of the firms ability to pay financing charges. Value of firms debt to the total value of the firm.

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