IP Detects Errors but Does Not Correct Them

question 82

True/False

IP detects errors but does not correct them.Therefore,IP is reliable.

---

Definitions:

Accounting Procedures

Established methods and practices for recording financial transactions and maintaining financial records.

Supplemental Footnotes

Additional notes in financial statements that provide further details on the numbers presented in the main report.

Auditing Standards

Guidelines and principles set by regulatory bodies that govern the auditing process, ensuring that audits are performed effectively and consistently.

Capital

Financial assets or the financial value of assets, such as cash and goods, working to produce more wealth or used to fund operations and investments.