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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FIXED RATE MORTGAGE is a mortgage with level monthly payments determined at the outset of the mortgage and remaining constant throughout the life of the mortgage.

DETECTION RISK is the risk that audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.

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