Explain about derivatives, what is auditing. Explain internal control, mteriality

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Derivatives are financial instruments whose value is derived from an underlying asset. Auditing is the process of examining financial records to ensure accuracy and compliance. Internal control refers to the policies and procedures implemented by a company to safeguard assets and ensure accurate financial reporting. Materiality refers to the significance of a financial transaction or event.

Derivatives are contracts between two parties that derive their value from an underlying asset, such as stocks, bonds, or commodities.
Auditing involves examining financial records to ensure accuracy, compliance with laws and regulations, and adherence to accounting standards.
Internal control refers to the policies and procedures implemented by a company to safeguard assets, ensure accurate financial reporting, and prevent fraud.
Materiality is a concept used in accounting to determine the significance of a financial transaction or event. It is based on the amount of the transaction or event and its impact on the financial statements.
Examples of derivatives include futures contracts, options, and swaps.
Examples of internal controls include segregation of duties, access controls, and physical security measures.
Materiality is determined by considering the size of the transaction or event, its impact on the financial statements, and the nature of the business.

Explain about derivatives, what is auditing. Explain internal control, mteriality

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