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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CATS is Certificate of Accrual on Treasury Securities; a zero ­coupon bond created by stripping Treasury bonds.

LIMIT TEST is a computer program step that compares data with predetermined limits as a reasonableness test, e.g. number of hours worked over 40 per week.

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