Answer:
Hence,
When control is missing the wrongdoings happen at a quick pace because the barrier in their work involves an end. there's no check on the operations and hence many wrongdoings happen without coming into the eyes of management. control helps within the analysis of wrongdoings by comparing with the standards and checks. Hence without control, it's hard to depict the extent of wrongdoings within the organization.
Explanation:
Role of control
Internal controls are policies and procedures put in situ by management to make sure that, among other things, the company’s financial statements are reliable. Some internal controls relevant to an audit include bank reconciliations, password control systems for accounting software, and inventory observations.
Internal controls provide reasonable assurance about achieving objectives regarding:
.Effectiveness and efficiency of operations
.Reliability of financial reporting
.Safeguarding of assets
.Compliance with applicable laws and regulations
Answer:
Patriots net income for the year = $245,000
Explanation:
Data provided in the question:
Revenue of Patriot Partners during the year = $245,000
Expenses of Patriot Partners during the year = $120,000
Declared dividends by Patriot Partners = $40,000
Now,
The Patriots net income for the year will be
= Revenue of Patriot Partners - Expenses of Patriot Partners
or
Patriots net income for the year = $245,000 - $120,000
or
Patriots net income for the year = $125,000
Answer:
Inflation reduces the value of a currency's purchasing power, having the effect of an increase in prices.
Explanation:
if group auditors make no reference to component auditors whose work they have relied on as a part of the basis for their report, the group auditors decide not to make reference to the report of a component auditor that audited a portion of group financial statements.
An auditor is an individual or company hired by a company to conduct an audit of its financial statements. To practice as a certified public accountant, one must be licensed by the Auditing and Auditing Regulatory Authority or obtain specific qualifications.
The role of the auditor or evaluator is to prepare these financial statements in a professional and independent manner. An audit or audit of the association's financial statements can ensure greater accountability to members and ensure that all funds received by the organization are properly accounted for.
Learn more about auditors here:brainly.com/question/26048609
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