RESTRUCTURING is the termination of employees and the reorganization of those remaining; can include reductions in plant and equipment. Restructuring is usually implemented to realize cost savings.
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.
FINANCIAL FORECASTS are prospective financial statements that present expected future financial position, results of operations, and cash flows based on expected conditions, i.e. a financial forecast is of the most likely future scenario.
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