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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PRICE TO BOOK is a financial ratio that is derived by dividing a stock's capitalization by its book value. Also called Market-to-Book.

PRINCIPAL AUDITOR is the auditor responsible for the greater portion of financial statements. The principal auditor may assume responsibility for the work of other auditors or divide responsibility with the other auditors.

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