To determine whether the accounting and control procedures are adequate once the new venture is beyond the startup phase and is growing consistently, ____.
A)an annual audit is needed
B)financial statements are not required
C)a business agent is not required
D)a labor union is essential
E)the entrepreneur should file with the SEC

Question

Quizplus · Accepted Answer

An annual audit is crucial for assessing the adequacy of accounting and control procedures in a growing business, ensuring that financial records are accurate and that the business is compliant with relevant laws and regulations.

To Determine Whether the Accounting and Control Procedures Are Adequate