CONTROL POLICIES AND PROCEDURES Definition

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CONTROL POLICIES AND PROCEDURES are the policies and procedures that help ensure management directives are carried out. Those pertinent to an audit include performance reviews, information processing, physical controls and segregation of duties.

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ORDER ENTRY, normally, is a computerized relational database that, at a minimum, generates schedules and maintains estimates, sales orders and backlogs. Invoices may also be created automatically if linked to Accounts Receivable. More advanced order entry systems are usually fully integrated with the accounting system.

STATUTORY MERGER is a merger where one entity remains as a legal entity, instead of a new legal entity being formed. See also STATUTORY CONSOLIDATION.

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