Answer:
Financial management makes decisions about managing finances: managing cash, using credit, paying bills, minimizing tax bills and borrowing costs, ensuring money for the firm’s current plan, and reporting the status of the finances. They are one part of the broader management team, and have a direct role in planning and can actually contribute profits or losses to the bottom line via their decisions.
Auditors are more like investigators or quality control: they don’t make business decisions, they make sure the financials being reported actually match the reality of what the company is doing. They usually are independent of management: they report to the board of the company, not the management they are auditing; they often have the mandate to look at anything they choose; they sometimes have a forensics function: collecting and analyzing evidence of serious wrongdoing if things are really out of control.
1.audit refers to the systematic process of examining verify of data related to the financial activities of an organization.
2.auditor is a professional inside audit
Financial management
1.Financial management refers to managing the fund of an organization.
2.finance manager is a professional inside finance management.
Answer: the other components that can be used include risk assessment, quality assurance check, strategic security frameworks and mode of governance.
Explanation:
Security management is simply a process that involve identification of an organisation's assets including the employees, customers, machines, Information assets followed by means to protect these assets. Organizations use these security management procedures and implementation to check risk, quality and threats.
Security manager should be a manager with the following attributes ;
- to implement a decent security/plan
- to lead actively
- to organise and control security function.
-to implement a good quality assurance check.
The production function gets flatter, while the total cost curve gets steeper due to the fact that C. <u>at higher levels of</u><em><u> production firms </u></em><u>require less inputs to increase production by the same amount as compared to lower levels of </u><u>production.</u>
The <em>production function</em> shows the relationship that exists between the inputs and the outputs during the production of a product.
It should be noted that <u>diminishing marginal product</u> is vital for explaining why the increase in the output of a firm results in the <em>production function</em> getting flatter. Also, the <em>total curve</em> becomes steeper.
Therefore, at higher levels of production, firms require fewer inputs to increase<em> production</em> by the same amount.
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