Introduction:
Business Objective is defined as a detailed picture of a result that company wants to achieve.
Strategies are the way to achieve the business objective. It’s the layout of Objective i.e., how to get there.
Process is defined as a series of actions in order to achieve strategies planned.
Transaction is exchange, sale, purchase that involves money and has impact on financial statements.
Internal Controls procedures, rules or policies implemented by a management to safeguard assets and ensure transactions are being carried out in an efficient and effective manner, promote accountability, check compliance of laws, regulations and standards and minimize risk by preventing fraudulent behavior.
To describe: Relationship between business objectives, strategies, processes, transactions and control.

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Chapter 2 Solutions
AUDITING & ASSURANCE SERVICES CONNECT AC
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- calculate the following ratios for the statements and show all working: 1. Current Ratios 2. Quick Ratio 3. Cash Ratioarrow_forwardDont solve this question with incorrect values. i will give unhelpful . do not solvearrow_forwardJeff Krause purchased 1,000 shares of a speculative stock in January for $1.89 per share. Six months later, he sold them for $9.95 per share. He uses an online broker that charges him $10.00 per trade. What was Jeff's annualized HPR on this investment? Jeff's annualized HPR on this investment is %. (Round to the nearest whole percent.)arrow_forward
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