CONTROL ENVIRONMENT Definition

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CONTROL ENVIRONMENT is the attitude, awareness, and actions of the board, management, owners, and others about the importance of control. This includes integrity and ethical rules, commitment to competence, board or audit committee participation, organizational structure, assignment of authority and responsibility, and human resource policies and practices.

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CAPITAL EMPLOYED is the value of the assets that contribute to a companys ability to generate revenue, i.e., fixed assets plus current assets minus current liabilities.

REALIZABLE VALUE is the expected proceeds from converting assets into cash.

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