business
Question Description
You are one of three partners who own and operate Marys Maid Service. The company
has been operating for seven years. One of the other partners has always prepared
the companys annual financial statements. Recently, you proposed that the
statements be audited each year because it would benefit the partners and
prevent possible disagreements about the division of profits. The partner who
prepares the statements proposed that his uncle, who has a lot of financial
experience, can do the job at little cost. Your other partner remained silent.
Required:
What position would you take on the proposal? What would you strongly
recommend?
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