What is the condition of security? Has it been reasonably well maintained or does it show the effects of waste and neglect?

Q: What is the purpose of valuation in terms of voluntary assessment?

A: Every organization needs to know the worth value of its assets, business or company.  In other words…

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: Outline the measures used to describe possible loss accurately?

A: The success of a business depends on how accurately they predict future profit or loss arriving…

Q: What are the measures used to describe possible loss accurately?

A: Furthermore, you have the option of paying for your item in equal monthly instalments, guaranteeing…

Q: How can be Preservation and Maintenance of the Property can be done?

A: Preservation and Maintenance of Property can be done as follows: The borrower of the property…

Q: What is the auditor’s role with respect to the fixed asset system?

A: Definition: Fixed Assets: It refers to the long-term assets having a useful life of more than a year…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: What must occur if a Significant Deficiency is identified?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: Disadvantage of institutional based correction

A: Following is the answer to the given question

Q: For the given scenario, identify the weakness or weaknesses in internal control and opposite the…

A: Internal control is a process, performed by a board of directors of business, management and other…

Q: What is the impairment loss to be allocated to the equipment?

A: An impaired loss is the loss which results to the asset of the company as a result that the market…

Q: What are some tests of physical security controls?

A:

Q: What functions should be separated to segregaterecord keeping from asset custody?

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: “What has been regarded as normal spoilage in the past is not necessarily acceptable as normal…

A: Spoilage:   Spoilage is the defective item in an intermediate or final stage. The spoilage goods…

Q: What are the rules of safe harbor?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Verifying repair costs will be handled differently from auditing depreciation costs. What's the…

A: Answer: Repaid costs are the costs that pertains to the maintenance of the assets Depreciation costs…

Q: Define and discuss survivorship bias and selection bias, and how they affect reported returns of…

A: Survivorship bias is a type of bias in which a person has a tendency to view the performance of…

Q: How do the passive losses rules and the at risk rules work in conjunction to limit losses?

A: Passive losses: These are the losses that take place when expenses exceed the income in the passive…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: An inaccurate estimate of asset needs can have serious consequences. Explain how?

A: Estimates of assets:  Estimate of assets is the estimated worth of assets of original worth of…

Q: What is the purpose for a Control Environment assessment?

A: Control environment: Control environment is one of the components of internal control over…

Q: What are the limitations on Control Activities?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What are the benefits of adopting a Condition Base Monitoring (PredictiveMaintenance) in the…

A: A condition monitoring system is a critical component of AM and reliability. CMS scope typically…

Q: What tests may be conducted for identifying unauthorized program changes?

A:

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

A:

Q: What are the requisites of notice of dishonor.? Explain.

A: Introduction:- A notice of dishonor is a legal notice tells or expressed that the bank will not…

Q: Why is identification of risks, through a listing of assets and their vulnerabilities, so important…

A: Answer: One can never underestimate the importance of risk management that he is engaged in a…

Q: Discuss the overarching idea of Asset Liability Management and its key objectives. How does the…

A: Asset and liability management practices were first introduced by financial institutions during the…

Q: Should the component be purchased and production stopped ?

A: In relevant costing, in order to decide whether the Company should buy the product or do it's in…

Q: What serious consequences occur in an inaccurate estimate of asset needs?

A: Estimates of assets:   It is approximate value of assets of original value of assets which is used…

Q: What are the characteristics of an effective recovery strategy in the event of a disaster?

A: Technological advancements in business have increased the potential risk to business. Its existence,…

Q: Why is identification of risks, by listing assets and their vulnerabilities, so important to the…

A: Risk management: Risk management is the process of recognizing risk, assessing its relative scale…

Q: What is improper accumulation?

A: Improper accumulation is defined as the unjustifiable accumulation behind the business's reasonable…

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: risk of material misstatemen-

A: Risk of material misstatement is the vulnerability of financial statements to errors or frauds that…

Q: Which are the Sources of Information for Identifying Distressed Properties?

A: A property is termed as "Distressed" if the loan value is higher than the offer price. A property…