CARRYING VALUE, also known as "book value", it is a companys total assets minus intangible assets and liabilities, such as debt.
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.
EXPENSE is the amount of assets or services used during a period.
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