Question

Tracing transactions through the information system relevant to financial reporting. inquiring of entity personnel. assessing inherent risk. inspecting documents and reports

Answer 1

Tracing transactions through the information system relevant to financial reporting.

Financial reporting is the process of documenting and speaking monetary activities and performance over particular time intervals, usually on a quarterly or every year basis. corporations use monetary reports to prepare accounting data and document on contemporary economic status.

Financial reporting includes the subsequent: external economic statements (earnings announcement, statement of comprehensive earnings, balance sheet, declaration of coins flows, and declaration of stockholders' equity) The notes to the financial statements.

Financial reporting is crucial for management to make informed business decisions primarily based on information of the company's financial health. potential investors and banks may also use your enterprise's financial reporting to decide if they need to make investments or loan you money.

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