Accounting 102 Chapter 5

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Internal Control

Policies and procedures established to provide management with reasonable assurance that the objectives of an entity will be acheived

Control Activities

Policies and procedures used by management to meet their objectives, including:
-Segregation of duties
-Proper procedures for authorization
-Physical control over assets and records
-Adequate documents and records
-Independent checks on performance

Audit

A report issued by an independent CPA to evaluate whether a company's financial statements fairly report its financial position, operating results, and cash flows in accordance with generally accepted accounting principles.

Audit Opinions

-Unqualified (No mistakes)
-Qualified
-Adverse
-Disclaimer (worst)

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