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1 year ago

The risks created by rapid changes in it have not affected which concepts of internal control?

1 answer:

5 0

Internal control objectives remain essentially the same although technology, risks, and control methods change. Thus, many concepts of control (management's responsibility, the role of the control environment, reasonable assurance, monitoring, and cost-benefit analysis) are relevant regardless of IT changes.

<h3>What is technology?</h3>

The use of skills, methods, and processes utilized in industrial production and scientific study combined with collected knowledge to create technology.
All equipment and electronic devices operate using technology, whether or not the user is fully aware of how they work for the organization's goals.
Systems make up the technologies used in modern life.

<h3>Why is technology so important in today's world?</h3>

Information sharing, meal preparation, clothing cleaning, and transportation are all things we do with the help of technology.
However, even commonplace technologies like door locks, floor tiles, and furniture are things we now take for granted and that we consider to be less spectacular than 3D printing or self-driving automobiles.

Learn more about technology here:

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You are planning your retirement in 15 years. You plan to retire with $3,000,000 and your retirement account earns 4.8% compound

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Answer:

The retirement fund will last for 33 years and 7 months

Explanation:

We need to solve for time in an ordinary annuity

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C $15,000.00

rate 0.004 (4.8% divide by 12 month)

PV $3,000,000

time n

$15,000 \times \frac{1-(1+0.004)^{-n} }{0.004} = 3,000,000\\$

we clear for n as much as we can and solve

$(1+0.004)^{-n}= 1-\frac{3,000,000\times0.004}{15,000}$

$(1+0.004)^{-n}= 0.20$

now we use logarithmic properties to solve for n:

$-n= \frac{log0.2}{log(1+0.004)$

-403.16

this will be a value in months so we divide by 12 to get it annually

403/12 = 33,5833

we convert the residual to months:

0.5833 x 12 = 6.996 = 7 months

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