Answer:
Explanation:
Gina performs regular audits such as the accounting of disclosure review to ensure that her business is operating in compliance with relevant laws and regulations, as well as to identify and prevent any potential fraudulent activity or errors in financial reporting.
Regular audits help Gina to:
Ensure compliance with laws and regulations: By conducting regular audits, Gina can ensure that her business is operating in compliance with applicable laws and regulations. For example, she may audit her financial statements to ensure compliance with accounting standards, or audit her data privacy practices to ensure compliance with relevant data protection laws.
Identify and prevent fraud: Regular audits can help Gina to detect and prevent fraudulent activity. For example, she may audit her financial transactions to identify any irregularities or discrepancies that may indicate fraudulent activity or audit her inventory to ensure that there is no theft or misappropriation of goods.
Improve accuracy of financial reporting: Audits can help Gina to ensure the accuracy of her financial reporting. By reviewing her financial statements and accounting records, she can identify and correct any errors in financial reporting. This can help to improve the accuracy of financial reporting and ensure that investors, stakeholders, and regulators have a clear and accurate picture of the financial health of her business.
Ensure internal controls are effective: Regular audits can help Gina ensure that her internal controls are effective in preventing errors and fraud. By reviewing her internal controls, she can identify any weaknesses or gaps in the control environment and take steps to address them.
In summary, Gina performs regular audits such as the accounting of disclosure review to ensure compliance with laws and regulations, prevent fraud, improve the accuracy of financial reporting, and ensure that her internal controls are effective. Regular audits can help to ensure the long-term success and sustainability of her business.