Question: What is a compensating control?

What is a compensating control?

Step by Step Solution

★★★★★

3.48 Rating (174 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A compensating control limits the exposure to misstatements th... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

336-B-A-A-A-N (1366).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

What is a compensating control for the finance and investment process? Give some examples for finance and investment accounts.

Q:

What is a compensating balance? How does the auditor become aware of the existence of compensating balances?

Q:

What is a compensating control? Give some examples for finance and investment cycle accounts.

Q:

Assess each deficiency described below and determine whether it should be classified as a control deficiency, significant deficiency, or material weakness. Consider each deficiency separately. Be...

Q:

2 5 . Which of the following is true regarding compensating controls? A compensating control is not necessary if all other PCI DSS requirements are in place O A compensating controls must address the...

Q:

Internal Controls and risk assessment multiple choice questions in accounting. l-Below are situations where the accounting controls are documented for the transaction stream for recording a credit...

Q:

Question 183 Processing auditor test data using the client's software application _______. -will allow the auditor to verify manual controls within the software application are functioning as...

Q:

The auditor obtains an understanding of the design and implementation of internal control to make a preliminary assessment of control risk as part of the auditors overall assessment of the risk of...

Q:

0 . Which of the following is true regarding compensating controls? A compensating control must be implemented and tested before it can be used in the PCI DSS assessment Compensating controls are...

Q:

Situation A: Controls satisfying management assertions: Each process has a control or more than one control so that all the management assertions are met. No compensating controls exist. Each process...

Q:

Suppose the local authorities wanted to achieve a more drastic reduction in total pollution of 75 tons in the scenario described above. They want to do so via the introduction of a tradable pollution...

Q:

Residual stresses should not have a harmful effect on load-bearing abilities, except under what conditions?

Q:

find apprectiation function from 222000 to 300000 in 6 years

Q:

Calculating EAR [LO4] First National Bank charges 14.2 per cent compounded monthly on its business loans. First United Bank charges 14.5 per cent compounded semi-annually. As a potential borrower,...

Q:

Which of the following best describes the focus of the followingengagements? Attestation Assurance Engagement Advice and decision support Financial statements Consulting Services Engagement Financial...

Q:

Which of the following is a reason to obtain professional certification? a. Certification provides credibility that an individual is technically competent. b. Certification often is a necessary...

Q:

Which of the following is a reason to obtain professional certification? a. Certification provides credibility that an individual is technically competent. b. Certification often is a necessary...

Q:

John and Sandy Ferguson got married eight years ago and have a seven-year old daughter Samantha. In 2017, John worked as a computer technician at a local university earning a salary of $52,000, and...

Q:

What is the purpose of preemption?

Q:

ANSWER BOTH QUICKLY PLEASE You have a 15,000 loan at 6% annually for 15 years. You agree to pay off the principal in installments of 1,000 per year, and to pay interest on the outstanding balance...