To Provide a High Level of Assurance, a Large Organization

question 3

True/False

To provide a high level of assurance, a large organization would normally not need more than fifty controls.

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Definitions:

Owner's Equity

The total assets minus total liabilities of an individual owner in a business, representing the owner's residual interest in the company.

Liabilities

The financial obligations or debts of a business entity, which are settled over time through the transfer of economic benefits including money, goods, or services.

Assets

Resources owned or controlled by a business, individual, or entity that are expected to provide future economic benefits.

Accounting Equation

A fundamental financial principle representing the balance between a company's assets, liabilities, and equity.