What is the premise underlying the use of benchmarking? Why is it helpful to the auditor?
Question:
What is the premise underlying the use of benchmarking? Why is it helpful to the auditor?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
Benchmarking is a process used in auditing to assess the performance efficiency or effectiveness of a companys financial or operational processes by c...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9780730382645
4th Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
What is the premise underlying the collision model? How is the rate affected by each of the following? a. Activation energy b. Temperature c. Frequency of collisions d. Orientation of collisions...
-
Youve just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has annual...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
An increase in the supply of U.S. dollars by the Federal Reserve will raise the value of the dollar because it will stimulate U.S. economic growth raise the value of the dollar because it will lead...
-
What are the six areas identified by the Special Committee on Assurance Services that represent the largest market potential for providing new assurance services for the next decade? Which service,...
-
What linkages and dependencies exist within our supply network?
-
A game show contestant must randomly select a door. One door doubles her money while the other three doors leave her with no winnings. What is the probability she selects the door that doubles her...
-
SuperShades operates a kiosk at the local mall, selling sunglasses for $ 20 each. SuperShades currently pays $ 800 a month to rent the space and pays two full-time employees to each work 160 hours a...
-
10 Poul Havik promised his grandson Jamie that he would give him $6.000 8 years from today for graduating from high school. Assume money is worth 6% interest compounded semiannually What is the...
-
The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Co: Additional information For employees, FICA tax rates for 2021 were 7.65% on the first...
-
Explain the purpose of substantive testing, and give examples of the main types of substantive tests.
-
The form completed by casual employees to claim overtime requires a signature from the supervisor before payroll will process the claim. Is this a prevent or detect control? Explain.
-
In terms of the generation-skipping transfer tax, comment on the following. a. A GSTT termination event and a GSTT distribution event look very similar. b. A direct skip can occur only in gift...
-
Verify the results of Eq. (14.48) for the properties of the chiral projection operators. Data from Eq. 14.48 P = P+ P+ + P = 1 P_P+ P+P = 0 Py" = y P
-
Prove that the estimating equations in (11.13) are unbiased under MCAR, but are generally biased without the stringent MCAR assumption. (x) [y - f (xt;)] = 0, i=1 (11.13)
-
Refer to Figure 11.5: Which is the most expensive subcontract for this project? How much were the costs for the general contractor's crews for item 4? Figure 11.5 Division 1 2 3 4 5 6 7 Work Gen'l...
-
a. Using observations on the change in consumption \(D C_{t}=C_{t}-C_{t-1}\) and the change in income \(D Y_{t}=\) \(Y_{t}-Y_{t-1}\) from 1959Q3 to 2015Q4, obtained from the data file cons_inc,...
-
Water at \(20^{\circ} \mathrm{C}\) flows by gravity from a large reservoir at a high elevation to a smaller one through a 35-m-long, 5-cm-diameter cast iron piping system that includes four standard...
-
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their...
-
Given that all the choices are true, which one concludes the paragraph with a precise and detailed description that relates to the main topic of the essay? A. NO CHANGE B. Decades, X-ray C. Decades...
-
An auditor uses an AI and machine learning application to read leases and to determine if a lease should be accounted for as a finance lease or an operating lease. In this case, the auditor is...
-
Consider the following list of internal controls. a. Software will not allow a sale to be processed to a customer that has exceeded its credit limit. b. Personnel responsible for running computer...
-
Assume that you receive a SOC 1, Type 2 report as a user auditor. How will this report assist your firm in its audit of the user entity? a. A SOC 1, Type 2 report will allow the user auditor to both...
-
Hite corporation intends to issue $160,000 of 5% convertible bonds with a conversion price of $40 per share. The company has 40,000 shares of common stock outstanding and expects to earn $600,000...
-
Your portfolio has a beta of 1.17, a standard deviation of 14.3 percent, and an expected return of 12.5 percent. The market return is 11.3 percent and the risk-free rate is 3.1 percent. What is the...
-
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
Study smarter with the SolutionInn App