The Most Efficient Means of Gathering Evidence About a Client's

question 95

True/False

The most efficient means of gathering evidence about a client's internal control is to prepare a flowchart of the system.

---

Definitions:

Sole Proprietorship

A company controlled and managed by one person, with the individual and the company being legally regarded as the same entity.

General Partnership

A type of business partnership where all partners share both profits and liabilities equally unless a different arrangement is agreed.

Characteristics

Fundamental attributes or properties that define or distinguish an entity or concept.

Chartered Banks

Financial institutions granted a charter giving them the right to operate and offer banking services to the public.