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O LO 7-2, O 6 7-40. For each term in the first column, find the closest definition (or portion of a definition) in the second column. Each definition may be used only once or not at all. Term Definition (or Portion) a. Compensating control 1. A control established to remedy misstatements that are discovered b. Complementary control 2. A control that functions together with another control to achieve the same control objective c. Corrective control 3. A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective d. Deficiency in internal control 4. A control that reduces the risk of misstatement by remediating control deficiencies through automated means e. Material weakness in internal control 5. A deficiency in internal control such that there is a reasonable possibility that a material

O LO 7-2, O 6 7-40. For each term in the first column, find the closest definition (or portion of a definition) in the second column. Each definition may be used only once or not at all. Term Definition (or Portion) a. Compensating control 1. A control established to remedy misstatements that are discovered b. Complementary control 2. A control that functions together with another control to achieve the same control objective c. Corrective control 3. A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective d. Deficiency in internal control 4. A control that reduces the risk of misstatement by remediating control deficiencies through automated means e. Material weakness in internal control 5. A deficiency in internal control such that there is a reasonable possibility that a material

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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O LO 7-2, O 6 7-40. For each term in the first column, find the closest definition (or portion of a definition) in the second column. Each definition may be used only once or not at all. Term Definition (or Portion) a. Compensating control 1. A control established to remedy misstatements that are discovered b. Complementary control 2. A control that functions together with another control to achieve the same control objective c. Corrective control 3. A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective d. Deficiency in internal control 4. A control that reduces the risk of misstatement by remediating control deficiencies through automated means e. Material weakness in internal control 5. A deficiency in internal control such that there is a reasonable possibility that a material f. Walk-through misstatement will not be prevented or detected on a timely basis 6. A deficiency in internal control that is less severe than a material weakness, but more severe than a g. Transaction cycle significant deficiency 7. A situation in which a control does not allow management or employees, in the normal course of performing their functions, to prevent or detect misstatements on a timely basis S. Duplicate controls that achieve a control objective 9. Procedures cycled periodically through the auditors' internal control deviation analysis 10. The sequence of procedures applied by the client in processing a particular type of recurring transaction 11. A procedure in which an auditor follows a transaction from origination through the company's processes, including information systems, until it is reflected in the company's financial records
Transcribed Image Text:O LO 7-2, O 6 7-40. For each term in the first column, find the closest definition (or portion of a definition) in the second column. Each definition may be used only once or not at all. Term Definition (or Portion) a. Compensating control 1. A control established to remedy misstatements that are discovered b. Complementary control 2. A control that functions together with another control to achieve the same control objective c. Corrective control 3. A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective d. Deficiency in internal control 4. A control that reduces the risk of misstatement by remediating control deficiencies through automated means e. Material weakness in internal control 5. A deficiency in internal control such that there is a reasonable possibility that a material f. Walk-through misstatement will not be prevented or detected on a timely basis 6. A deficiency in internal control that is less severe than a material weakness, but more severe than a g. Transaction cycle significant deficiency 7. A situation in which a control does not allow management or employees, in the normal course of performing their functions, to prevent or detect misstatements on a timely basis S. Duplicate controls that achieve a control objective 9. Procedures cycled periodically through the auditors' internal control deviation analysis 10. The sequence of procedures applied by the client in processing a particular type of recurring transaction 11. A procedure in which an auditor follows a transaction from origination through the company's processes, including information systems, until it is reflected in the company's financial records
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