It Is Not Important for an Organization to Have Controls

question 54

True/False

It is not important for an organization to have controls to track the location, quantity, condition, maintenance, and deprecation status of their long-lived assets as the external auditor gathers evidence related to these issues.

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Definitions:

Referendum

A direct vote by the electorate on a specific question, proposal, or issue, often used to make decisions on legislative amendments or policy changes.

Fiscal Year

A one-year period used for accounting and financial purposes, which may or may not align with the calendar year.

Founding Fathers

The group of leaders who laid the foundational governance structures of the United States and were instrumental in the drafting of key documents such as the Declaration of Independence and Constitution.

Northwest Ordinance

An act of the Congress of the Confederation of the United States passed in 1787 to create a structured settlement of the Northwest Territory and establish a precedent for the admission of future states.