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.
a. Compensating control
b. Complementary control
c. Corrective control
d. Deficiency in internal control
e. Material weakness in internal control
f. Walk-through
g. Transaction cycle

Definition (or Portion)
1. A control established to remedy misstatements that are discovered
2. A control that functions together with another control to achieve the same control objective
3. A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective
4. A control that reduces the risk of misstatement by remediating control deficiencies through automated means
5. A deficiency in internal control such that there is a reasonable possibility that a material 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 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
8. 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

  • CreatedOctober 25, 2014
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