Examlex
When a firm uses internal auditors, it is adhering to which one of the following internal control elements?
Balance Sheet
A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.
Deferred Tax Liability
Created when differences in financial reporting and tax reporting cause accounting income to be higher than tax income in a given period.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, leading to a net income or loss.
Tax Rate
The percentage at which an individual or corporation is taxed by the government.
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