Term

a$.$ Compensating control

b$.$ Complementary control

c$.$ Corrective control

d$.$ Deficiency in internal control

e$.$ Direct control

f$.$ Material weakness in internal control

g$.$ Transaction cycle

h$.$ Type $1$ service auditor report

i$.$ Walk$-$through

Definition $($or Portion$)$

A control established to remedy misstatements that are discovered by a detective control.

A control that functions together with another control to achieve the same control objective.

A control that reduces the risk that an existing or potential control weakness will result in a failure to meet a control objective.

A control that reduces the risk of misstatement by remediating control deficiencies through automated means.

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.

A deficiency in internal control that is less severe than a material weakness, but more severe than a significant deficiency.