AUDITING. ACCOUNTING STANDARDS AND FINANCIAL RATIOS. I. ACCOUNTING STANDARDS – INTRODUCTION AND OBJECTIVES. Written documents, consisting authoritative pronouncements, issued by Government or Regulatory body Standardize diverse accounting policies Add reliability to the Financial Statements
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ACCOUNTING STANDARDS AND FINANCIAL RATIOS
- Accounting identifies, measures and communicates financial information
- Determine whether the auditee has complied with specific procedures, rules, or regulations set by some higher authority.
– It is for a meaningful study of information in the financial statements
– Ascertaining overall financial position of a business organization