Errors Identify any errors and the related financial statement risks $($Existence or Occurrence, Completeness, Valuation, Rights and Obligations, Presentation and Disclosure, Accuracy, Classification, Cutoff$)$ that are applicable. Identify the control objective and description of procedures in place that is relevant to mitigate the identified risk of material misstatement and achieve the objective. Include a detailed description of the control procedures noting the following:

$1)$ Who performs the control procedures?

$2)$ How is$/$are the procedure$($s$)$ performed?

$3)$ How is the performance of the control activity documented $($i$.$e$.,$ what forms are used$)?$

$4)$ How is performance of the control activity evidenced $($i$.$e$.,$ signature and date on form$)?$ Note whether control is preventive $($i$.$e$.,$ acts before error, omission, or misstatement may occur$)$ or detective $($acts after error$/$misstatement has occurred$).$ Identify whether the control activity is performed manually $($e$.$g$.,$ manual authorization or review of a reconciliation$),$ is automated $($i$.$e$.,$ system edit checks, system access restrictions and authorizations, automated review and approvals, etc.$),$ or performed manually using system generated information $($i$.$e$.,$ physically verifying existence of inventory using system generated inventory report$).$ Indicate the frequency in which the control takes place $($e$.$g$.,$ annual, quarterly, monthly, daily, every time a transaction is processed$).$ Indicate whether the control is designed effectively $($i$.$e$.,$ is the control, individually or in combination with other controls, capable of effectively$$ mitigating the key risk$($s$)$ of material misstatement and achieving the control objective?$).$ What outcomes occur if the control works effectively?$$ What outcomes occur if the control is not working properly or is deficient?

Note: Design deficiency occurs when the control is not effectively designed to meet its objective $($e$.$g$.,$ the control, individually or in combination with other controls, is not capable of effectively preventing or detecting and correcting material misstatements$).$ What applicable Statement of Standards for Attestation Engagements apply? Indicate how the control improves operating effectiveness.

$1.$ Error of principle $2.$ Errors of commission $3.$ Errors of omission $4.$ Errors of duplication $5.$ Compensating errors $$