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    Benchmarking involves comparing an organization's business processes and performance metrics to industry best practices in order to identify opportunities for improvement. The main benefits of benchmarking include helping organizations set targets, improving processes, reducing costs through identification of best practices, and facilitating organizational change through objective performance comparisons. Effective segregation of duties separates incompatible functions such as transaction processing and custody of assets to prevent fraud and errors. Auditors are not required to test every individual control but use their professional judgment to determine the appropriate testing required based on factors such as the control environment and risk assessment.

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    Benchmarking involves comparing an organization's business processes and performance metrics to industry best practices in order to identify opportunities for improvement. The main benefits of benchmarking include helping organizations set targets, improving processes, reducing costs through identification of best practices, and facilitating organizational change through objective performance comparisons. Effective segregation of duties separates incompatible functions such as transaction processing and custody of assets to prevent fraud and errors. Auditors are not required to test every individual control but use their professional judgment to determine the appropriate testing required based on factors such as the control environment and risk assessment.

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    11 views1 page

    Accounting Textbook Answers - 1150

    Uploaded by

    acc-expert
    Benchmarking involves comparing an organization's business processes and performance metrics to industry best practices in order to identify opportunities for improvement. The main benefits of benchmarking include helping organizations set targets, improving processes, reducing costs through identification of best practices, and facilitating organizational change through objective performance comparisons. Effective segregation of duties separates incompatible functions such as transaction processing and custody of assets to prevent fraud and errors. Auditors are not required to test every individual control but use their professional judgment to determine the appropriate testing required based on factors such as the control environment and risk assessment.

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