Financial statements are prepared at the end of each reporting period., Revenue is recognised when the service is provided to the customer., All transactions are recorded in the accounting system on a daily basis., Costs are carefully monitored by management to ensure efficiency., Financial performance is analysed by senior managers every quarter., Internal controls are not implemented properly in some companies., Expenses are reduced in order to improve profitability., The annual report is prepared in accordance with international standards., Tax liabilities are calculated based on the company’s profit., Some financial risks are not identified at an early stage., Additional notes are included in the financial statements for clarity., Assets are measured at fair value in this report., Incorrect data is not accepted by the accounting system., Financial information is disclosed to investors on a regular basis., All relevant documents are reviewed before the audit is conducted.

Passive Acca

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