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ACCT 411-Chapters 7 & 8

Teacher: Professor Glenda Evans
Across
Deficiency in internal control over financial reporting
Designed to provide reasonable assurance regarding achievement of entity's objectives on operations, financial reporting, and compliance
Input data gathered and processed periodically in groups, normally performed at the end of the day
Developed framework of components of internal control
Less severe deficiency in internal controls but important enough to tell management
Controls put in place to mitigate identified risks
Access to programs and data and controls related to the development of new programs and systems
Management's ongoing review of controls
Management's assessment of its risk to meet the control objectives
Section 404 of this Act requires management to report on internal controls.
At least two people involved in processing a transaction from start to finish
Down
Examples of these controls include: input validation checks, batch controls, and processing controls.
"Tone at the Top"
Eliminates data redundancy and creates need for an administrator
Examples include: terminals, card readers, optical scanners, square