The Effectiveness of Automated Controls Depends Solely on the Competence

question 125

True/False

The effectiveness of automated controls depends solely on the competence of the personnel performing the controls.

---

Definitions:

Profit Margin

A financial ratio indicating the percentage of revenue that exceeds the costs of goods sold, reflecting the efficiency of a company in generating profit.

Invested Assets

Resources such as securities and properties that an individual or company has allocated funds towards with the expectation of generating income or profit.

Minimum Return

Minimum return refers to the lowest acceptable profit or benefit that an investor expects to achieve from an investment, considering the associated risks and opportunity costs.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, taxes, interest, and other expenses.