In the study of internal control, the auditor uses sampling to compare the adjusted estimate of the deviation rate to the tolerable rate of deviation.
How Do Internal Controls Work?
A plan of structure, processes, and records that are concerned with the security of assets and the accuracy of financial records are together referred to as internal controls.
Fundamentals of Internal Control Systems
A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.
Protecting the assets under management's control is one of their main duties.
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Answer:
Other factors that shift demand curves. Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences, the composition or size of the population, the prices of related goods, and even expectations.
Answer:
True
Explanation:
When a company as a framework to measure risk against, it can properly assess risk in different periods of time, depending of the risk score obtained within the framework.
This helps regulators because they can access an accurate primary information from the company itself (later on, they should probably compare that information against their own standards in order to prevent bias), and it also helps the company because it can see where it stands in terms of risk, which reduces uncertainty.
A. Bid/no bid decision
A "bid" is what contractors call their proposals, and in some cases it will not be worth it to even submit a proposal on a job. The stage where contractors decide if it is worth it is called bid/no-bid.
Answer:
Auto insurance policy with Bodily injury liability limits = 250/500
personal umbrella policy with a limit = $1 million
Self-insured retention = $500
Here, total claim = $750,000
Amount paid by the auto insurance policy = $250,000
Remaining = $750,000 - $250,000
= $500,000
Remaining claim amount of $500,000 shall be paid by the umbrella policy.
