Question

Which of the following is responsible for establishing a private company's internal
control?
Which of the following best describes effective internal control over payroll
45
Verification refers to
46
Which of the following statements is correct?
47
48
Valuation of Fixed Assets is based on the concept
Valuation means
SO
51
Outstanding expenses should be verified with the help of
First auditor of a company is appointed by the
Auditing refers to
52
Main object of auditing is​

Answer 1

Answer:

• 1 .Reliability of financial reporting
• . Efficiency and effectiveness of operatins
• . Compliance with laws and regulation
• . Assurance of elimination of business risk
• 2. The preparation of the payroll must be under the control of the personnel department. ... The confidentiality of employee payroll data should be carefully protected to prevent fraud.
• 3. Verification means "proving the truth" or "confirmation". Verification is an auditing process in which auditor satisfy himself with the actual existence of assets and liabilities appearing in the Statement of Financial position. ... The existence of the assets and liabilities.
• 4. Asset valuation plays a key role in finance and often consists of both subjective and objective measurements. The value of a company's fixed assets – which are also known as capital assets or property plant and equipment – are straightforward to value, based on their book values and replacement costs.
• 5. an estimation of the worth of something, especially one carried out by a professional valuer.
• 6. The comparison of the outstanding liabilities of the previous year with the year under audit may help the auditor to find out over-provision, under-provision or non-provision of outstanding liabilities.
• 7. the first auditor of a company, other than a government company, shall be appointed by the board of directors within 30 days from the date of registration of the company and in the case of failure of the Board ...
• 8. Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions.
• 9. The audit is an objective examination and evaluation of financial records to make sure that records are showing the true and fair view of financial information. The objective of the audit is to detect and prevent the fraud and error by verifying the records inn depth.

Explanation:

One question is not full so i have not given answer!!

Hope! This will help You..