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What are the differences between internal financial statement and published financial statement?
Internal financial statements and pbulished financial statements of a company are different in the following ways: 1. Terminologies - For example, for internal accounts, we use sales, but for publised accounts, we use turnover. 2. Details - In internal income statements, we list down all the expenses, but under published income statements, expenses are grouped tinto administration and distribution. 3. Format - Publised financial statement must follow a straight format according to FRS 101 and Bursa Malaysia Listing Requirements. 4. Disclosure - Need to disclose the following under published accounts, (1) significant accounting policies (2) financial cost (3) earning per share (4) related party transaction (5) income tax expenses, etc The above disclosures are not required under internal financial statements.
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What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control.
Why are the financial statement users interested in the statement of cash flows?
it enable both internal and external to know that the company worth, the company is heading for losses.
Is it a true Statement of Financial Accounting Standards is the official guideline for accounting procedures that is prepared and maintained by the Internal Revenue Service?
No
Who signs the Air Forces annual statement of assurance to the Secretary of Defense on the Air Forces internal controls?
The Air Force Secretary or a designated official signs the annual statement of assurance on the Air Force's internal controls to the Secretary of Defense. This statement attests to the effectiveness of the Air Force's internal controls and financial management systems.
What are the obligations of federal agencies with regard to internal controls?
Assess and document their internal controls over financial reporting. Document their assessment of the effectiveness and reliability of those internal controls. Provide a separate assurance statement
Why an auditor should not prepare the financial statement and then express an opinion Also the standards to which this relates?
The auditor is the person who assesses whether the financial statement has been prepared accordingly or not. Firstly it is not the role of the auditor to prepare the financial statement as the auditor has to form an independent opinion. Secondly, it would be part of internal control and corporate governance activities for the preparation of the financial statement and the audit to be conducted be two separate parties to eliminate error or fraud.
Who is not an internal user of financial statement?
External users of financial statements include investors, creditors, regulators, and analysts. Unlike internal users such as management and employees, external users rely on financial statements to assess an organization's performance and financial health from an outside perspective. They utilize this information for decision-making regarding investments, lending, and compliance with regulations.
What is a Commercial Statement?
A Commercial Statement is a financial document that outlines the details of a business's transactions, typically including sales, purchases, and other revenue-generating activities over a specific period. It serves as a summary of the company's commercial performance, often used for internal analysis, reporting, and decision-making. This statement can help stakeholders evaluate the business's financial health and operational efficiency.
What are the key differences between tax audits and financial audits?
Tax audits focus on verifying the accuracy of tax returns and compliance with tax laws, while financial audits examine the overall financial statements and internal controls of a company for accuracy and compliance with accounting standards.
How may management's responsibility toward effective internal control systems be described?
top management at a publicly owned organization will include in the organization's annual financial report to the shareholders a statement indicating that management has established a system of internal control
How often is the publication Annals of Internal Medicine published?
The medical research and publication journal, The Annals of Internal Medicine, is published on a monthly basis. The journal was published twice a month, up until May of 2008.
Why financial statement a requirement for a business?
financial statements are required as it helps the external and internal forces to communicate the financial records in easy manner and also it help in comparing with last year report so that they can get idea of mistakes or problems faced or improvement achieved also helps in comparing with other competitors report .....
