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What is control risk quizlet


Control risk is. risk that a misstatement that COULD occur about a class of transaction, account balance, or disclosure either individually or in aggregate will not be Prevented, or Detected, and Corrected on a timely basis by the entities INTERNAL CONTROL.

What is control risk?

Definition. Control risk is the risk that the internal control arrangements will fail to prevent material deviations, or to detect and correct them on a timely basis.

What are control risks and example?

What is control risk and example? Control risk is the risk or probability of material misstatement resulting from the failure of controls to mitigate an error. Cybersecurity risk is an example of control risk.

Which best describes control risk?

Control risk, which is the risk that a misstatement due to error or fraud that could occur in an assertion and that could be material, individually or in combination with other misstatements, will not be prevented or detected on a timely basis by the company's internal control.

Which of the following is a definition of control risk quizlet?

Which of the following is a definition of control risk? The susceptibility of material misstatement assuming there are no related internal controls, policies, or procedures.




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