The identity management process will validate the identity of the users by either putting codes to be used by the users when accessing the system or giving an authorizing word or phrase when accessing the system. This process also allows the management to issue permission to access the system on a continuous basis and therefore ensure security and reduce risks. The auditing process is therefore effective in managing the risks and reducing chances of more frauds.
Financial accounting mostly relies on some of the following concepts: Assumptions, principles, and modifying convections. Under the concept of assumptions, financial accounting relies on assumptions that are related with the stability of the amount of money that the company has, the period in which the company should exist in the market, individual assumption that the business should have and the ongoing-concern of the business that focuses on how the company is thriving (Clegg, and Sparrow, 2007).
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