A five- step approach can be used to identify deficiencies, significant deficiencies, and material weaknesses. The first step in this approach is: determine potential misstatements that could result. consider the possibility of compensating controls. identify the absence of key controls. identify existing controls.

Jimmy owns an ice cream parlor. he designs a schedule for the different tasks the employees have to perform in order to prevent monotony at work. according to the schedule, if an employee makes waffle cones on a day, he serves ice creams the next day and clears the tables on the day after that. jimmy is using the approach at his ice cream parlor.

At the end of year 2, retained earnings for the baker company was $3,550. revenue earned by the company in year 2 was $3,800, expenses paid during the period were $2,000, and dividends paid during the period were $1,400. based on this information alone, retained earnings at the beginning of year 2 was:

Differentiate between the trait, behavioral, and results-based performance appraisal systems, providing an example where each would be most applicable.