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butalik [34]
2 years ago
12

When reporting on conditions relating to an entity's internal control observed during an audit of the financial statements, the

auditor should include a Description of tests performed to search for material weaknesses. Statement of positive assurance on the structure. Paragraph describing the inherent limitations of the structure. Restriction on the distribution of the report.
Business
1 answer:
Alinara [238K]2 years ago
3 0

Answer:

a Description of tests performed to search for material weaknesses.

Explanation:

When reporting on conditions relating to an entity's internal control observed during an audit of the financial statements, the auditor should include a Description of tests performed to search for material weaknesses.

Tests of controls may be performed to test the effectiveness of certain controls that auditors consider relevant to preventing and detecting errors and fraud that are material to the financial statements, <u>thereafter a management report must be issued to the audit committee for any deficiencies in controls to be addressed.</u> The management letter describes the tests performed and the results in each category

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Responsibility

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A central bank acts as a lender of last resort especially in times of financial crisis. What is the purpose of this function
mr_godi [17]

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The purpose of the function is to lend the people indeed.

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3 years ago
ABC Company sold the rights to use one of their patented processes that will result in them receiving cash payments of $10,000 a
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Answer:

$77,217

$11,289

Explanation:

Fist we will calculate the present value of $10,000 payment

A fix Payment for a specified period of time is called annuity. The discounting of these payment on a specified rate is known as present value of annuity. The value of the annuity is also determined by the present value of annuity payment.

Formula for Present value of annuity is as follow

PV of annuity = P x [ ( 1- ( 1+ r )^-n ) / r ]

Where

P = Annual payment = $10,000

r = rate of return = 10% / 2  = 5%

n = number of period = 5 years x 2 semiannual payments per year = 10 payments

PV of annuity = $10,000 x [ ( 1- ( 1+ 0.05 )^-10 ) / 0.05 ]

PV of Annuity = $77,217

Now we will use the discounting method to calculate the present value of lump sum payment of $20,000

Present value = Future value x Present value factor

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3 years ago
Who is responsible for ensuring the proper construction and load-in of the scenery and properties as well as managing budgets?
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The answer is Technical Director

In a software corporation, engineering firm, film studio, theater company, or television studio, for example, a technical director (TD) is typically a senior technical person. In a certain technical subject, this person typically possesses the highest level of ability.

In software development, a technical director is typically in charge of managing technical risks and opportunities, key software design and implementation decisions made in collaboration with the development teams, task scheduling that includes tracking dependencies, managing change requests, ensuring the quality of deliveries, and educating the team on technical best practices.

To know more about Technical Director

brainly.com/question/1286598

#SPJ4

8 0
1 year ago
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