CONTROL DEFICIENCIES Definition

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CONTROL DEFICIENCIES exist when the design or operation of a control does not allow employees, in their assigned functions, to prevent or detect misstatements on a timely basis.

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UNDERWRITERS DISCOUNT is the differential between the price paid to the issuer for the new issue and the prices at which the securities are initially offered to the investing public.

OBSERVE / OBSERVATION is to watch and test a client action, e.g., taking inventory.

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