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...
-
Catrina buys two goods, food F and clothing C, with the utility function U = FC + F. Her marginal utility of food is MU F = C + 1 and her marginal utility of 213 clothing is MU C = F. She has an...
-
Consider an investment that will pay $\$ 680$ per month for the next 15 years and will be worth $\$ 28,000$ at the end of that time. How much is this investment worth to you today at a $5.25 \%$...
-
Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works...
-
Analysis of short selling strategy and its role played in Tesla short squeeze Discussion of why short squeeze is not going to happen to Tesla in 2021?
-
What is each shareholder's realized gain or loss? b. What is each shareholder's recognized gain or loss? c. What is each shareholder's basis in their stock? When does their holding period begin? d....
-
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?
-
Which of the following are electron-deficient compounds? Explain. (a) (c) (e) HC CH3 C* CH3 1+ HC-N-CH3 CH3 CH3 T CH 3 HC-N: (b) (d) HC HC CH3 CH3 CH3 B. CH3
-
A multiple linear regression model is fit to a data set of 20 observations, giving =7+8X1+6X2+14X3. a.) If SSE 31, calculate MSE= b.) If in addition, the estimated standard error of is 3.9, calculate...
-
A train service carries 20,000 people daily between Rationalia and Real City. The rail line could serve up to 31,000 people. The cost to ride the train is $ , but research shows that for each fare...
-
How do cognitive appraisal theories elucidate the nuanced interplay between individual perceptions, coping mechanisms, and stress responses, contributing to the discourse on stress management...
-
How do mindfulness-based interventions, rooted in principles of attention regulation and non-reactivity, offer novel avenues for cultivating resilience and fostering adaptive stress responses across...
-
A house is sold for $195,000. The mortgage is $168,745.60 at 8%. Annual taxes are $3,893.25. The closing will occur on June 15. What are the total prorations for interest (for the full month) and for...
-
In Exercises use a graphing utility to evaluate the logarithm by (a) Using the natural logarithm key (b) Using the integration capabilities to evaluate the integral 1 x (1/t) dt. In 45
-
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability...
-
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)...
-
Mizan Corporation, a manufacturing company, prepares its financial statements annually. During the last month of the fiscal year, Mizan experiences a significant surge in sales. The sales team closes...
-
A firm uses job - order costing. Current period facts: Actual overhead: $ 1 0 4 , 6 8 8 Applied overhead: $ 1 0 4 , 9 0 5 Budgeted overhead: $ 1 0 8 , 6 9 8 COGS balance ( before closing ) : $ 3 9 0...
-
On January 1 , 2 0 X 2 P pays $ 1 0 0 million to acquire 5 0 , 0 0 0 of the common voting shares of S , which gives P a 2 5 % ownership interest in S . The January 1 , 2 0 X 2 book value of S ' s...
Study smarter with the SolutionInn App