Question: Control 7 Physical inventories should be taken on a regular and periodic basis and then be reconciled against theinventories carried on the books. Besides the

Control

7

Physical inventories should be taken on a regular and periodic basis and then be reconciled against theinventories carried on the books. Besides the possible detection of theft, this control also provides a basis for aninsurance claim in the case of a fire, flood, or other disaster.Control

8

Every organization should develop an annual budgeting process. The nonprofit

s employees should preparethe budget, but the board should review and approve it

.

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