Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 27RQSC
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Question
Explain into detail some of the difficulties associated with the financial system.
Expert Solution
Step 1
Financial system is the system developed or created by various financial institutions such as banks, large corporate houses, etc. that helps in exchange of funds.
Step 2
Financial system performs various functions such as:
- Exchange of funds
- Liquidity to financial assets
- Helps in price determination of assets
- Easy conversion of assets into cash
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