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7 Cards in this Set
- Front
- Back
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What is the definition of control?
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any action taken to manage risks and to increase the likelihood that objectives will be achieved
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What is a control process?
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policies, procedures, activities part of a control framework
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What does the control process include?
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1) operational standards
2) performance measurement 3) deviation analysis 4) corrective actions 5) reappraisal of the standards Stan Performs Analysis on a Correct Reappraisal |
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What should be implemented to encourage compliance with the control system?
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evaluation-reward system
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What must not be greater than the benefits of a control system?
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its costs
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From what do Inherent limitations in internal control arise?
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from an employee's personal failures
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What is an important control in dealing with external parties?
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communication of risk appetite with the external parties
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