(Solved):   Auditors should have an understanding of the various terms that relate to their considerat ...

 

Auditors should have an understanding of the various terms that relate to their consideration of internal control of an organization. Fo each term presented below, select the category that most clearly defines or includes the term. The categories may be selected once, more than once, or not at all Term Category 1. Contral environment 2. Less severe than a material weakness Significant deficiency 3. Monitoring 4. Performance review 5. Walk-through 6. Reasonable assurance Relationship of costs and benefits Documentation 7. Flowchart siss 8. Risk assessment 9. Operating effectiveness 10. Control activities Test of controls =