Complete each of the following statements by choosing a word(s) from the list below - NSC Accounting - Question 1 - 2022 - Paper 1
Question 1
Complete each of the following statements by choosing a word(s) from the list below. Write only the word(s) next to the question numbers (1.1.1 to 1.1.3) in the ANSW... show full transcript
Worked Solution & Example Answer:Complete each of the following statements by choosing a word(s) from the list below - NSC Accounting - Question 1 - 2022 - Paper 1
Step 1
1.1.1 The ... are employed by the company to set up and monitor control processes.
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Answer
The correct answer is Internal auditors. Internal auditors are responsible for evaluating and improving the effectiveness of risk management, control, and governance processes within an organization.
Step 2
1.1.2 ... are appointed to give an unbiased opinion on the financial statements.
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Answer
The correct answer is External auditors. External auditors are independent third-party professionals who review the financial statements of a company and provide an opinion on their fairness and accuracy.
Step 3
1.1.3 ... are appointed by the owners of the company to perform key management functions.
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Answer
The correct answer is Directors. Directors are elected by shareholders to manage the affairs of the company, make strategic decisions, and ensure the company operates within legal frameworks.
