Risk assessment is carried out by the organization to identify, analyze and manage relevant risks. Following are circumstances that can cause or change the risk, except: a. New personal who have a different or inadequate understanding of internal control. b. The board of directors establish a code of ethical standards. c. Significant and rapid growth that strains existing internal controls. d. Entering into foreign markets that may impact operations. Explain the answer in 100-150 words
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Risk assessment is carried out by the organization to identify, analyze and manage relevant risks. Following are circumstances that can cause or change the risk, except:
a. New personal who have a different or inadequate understanding of internal control.
b. The board of directors establish a code of ethical standards.
c. Significant and rapid growth that strains existing internal controls.
d. Entering into foreign markets that may impact operations.
Explain the answer in 100-150 words
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