Explain the purpose of (a) preventive controls and (b) detective controls. Why would it be important for
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
Controls have two main objectives to prevent or detect misstatements in the financial statements or to support the automated parts of the business in ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Auditing questions
-
Explain the purpose of a chart of accounts.
-
Explain the purpose of a chart of accounts.
-
Explain the purpose of a health savings account (HSA).
-
Vern Westby inherited a ticket from Anna Sjoblom, a survivor of the sinking of the Titanic, which had been pinned to the inside of her coat. He also inherited an album of postcards, some of which...
-
The ABC Company is considering the following options for its backup plan: 1. Daily full backups: .Time to perform backup = 60 minutes . Size of backup = 50 GB Time to restore from backup = 30 minutes...
-
28. In the C++ code given in (a) and (b), find any syntax or logical errors. (8, 11) a. int *myPtr = new int; int *yourPtr; *myPtr = 5; yourPtr myPtr; //Line 1 //Line 2 //Line 3 //Line 4 cout < <...
-
A large trapezoidal channel cut through stone has side slopes of 1:1 and a bed width of \(291 \mathrm{ft}\). Find the uniform flow in the channel when the flow depth is \(30.4 \mathrm{ft}\) and the...
-
Hopewell Shipping Corporation is an overnight shipper. Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At October 31, 2018, and 2019, respectively,...
-
2. Write a shell script program that uses to print the entire pyramid (shown below). To print the left and right parts of the pattern, use nested loops.
-
Potholes All along the sides of Route 10, residents displayed signs saying: "County Executive: Fix this Road!" Wanting to minimize the negative publicity associated with this sign campaign, the...
-
Answer the following questions based on the information presented for Cloud 9 in Appendix B to this book and in the current and earlier chapters. You should also consider your answers to the case...
-
Explain the process of documenting the auditor's conclusions. What must be documented?
-
Find the performers in movies.txt with the largest, but finite, Kevin Bacon number.
-
What happens if there is a shortage or a surplus of U.S. dollars in the foreign exchange market?
-
Todays exchange rate between the Lebanese pound and the U.S. dollar is 1,500 pounds per dollar and the central bank of Lebanon is buying U.S. dollars in the foreign exchange market. If the central...
-
Explain how Gannetts outsourcing to India will change Indias GDP. Gannett (the largest U.S. newspaper publisher by daily circulation) is outsourcing 485 jobs to India.
-
Joe has a term deposit that pays 10 percent a year and its value after two years will be $5,000. What is the present value of Joes term deposit?
-
Based upon evidence presented in this news clip, do tea plantations function as a monopsony in labor markets, or is the market for tea workers competitive? Explain. Sri Lankas workers want a daily...
-
Indicate whether each of the following statements is true or false. The landlordtenant relationship can be created by express or implied contract.
-
d. The characteristic equation of a control system is given by s+2s+8s+12s+20s+16+16=0. Determine the number of the roots of the equation which lie on the imaginary axis of s-plane
-
A self-review threat arises when: (a) the auditor has a loan from the client. (b) the auditor represents the client in negotiations with a third party. (c) the auditor performs services for the...
-
Safeguards to independence: (a) minimize the risk that a threat to independence will surface. (b) deal with a threat when one becomes apparent. (c) are developed by the accounting profession,...
-
Safeguards to independence: (a) are not the responsibility of the client. (b) are too difficult to implement by audit firms; they must be contained in legislation. (c) include audit committees. (d)...
-
make a scenario for each of the following Gesture communication Facial expression communication Oral communication Written communication discuss briefly each scenario
-
Problem 7-30 Holding Period Yield (LO2) The YTM on a bond is the interest rate you earn on your investment if interest rates don't change. If you actually sell the bond before it matures, your...
-
According to theknot.com, online dating is the most common way people meet their spouses today. This claim was based on a survey of 1,400 randomly selected recently married couples, with 266...
Study smarter with the SolutionInn App