Question: For each definition or partial definition, select the best termDefinition (or Partial Definition)a. A control deficiency, or a combination of control deficiencies, in internal control
For each definition or partial definition, select the best termDefinition (or Partial Definition)a. A control deficiency, or a combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.b. A weakness in the design or operation of a control that does not allow management or employees, in the normal course of performing their functions, to prevent or detect misstatements on a timely basis.c. An account for which there is a reasonable possibility that it could contain misstatements that, individually or when aggregated with others, could have a material effect on the financial statements.d. The primary section of the Sarbanes-Oxley Act dealing with management and auditor reporting on internal control over financial reporting.e. Those transaction flows that have a meaningful bearing on the totals accumulated in the companys significant accounts and therefore have a meaningful bearing on relevant assertions.f. Tracing a transaction from origination through the companys information system until it is reflected in the companys financial reports.Term1. Control deficiency2. Detective controls3. Major classes of transactions4. Material weakness5. Non-routine transactions6. Section 2437. Section 4048. Significant account9. Significant deficiency10. Substantive procedure11. Walk-through
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