AUDITING STANDARDS Definition

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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BOOK VALUE OF EQUITY is the difference between the book value of assets and the book value of liabilities.

GENERAL CONTROLS, in accounting, are the policies and procedures to assure proper operation of computer systems, including controls over network operations, software acquisition and maintenance, and access security.

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