CONTROL RISK Definition

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CONTROL RISK is the risk that material error in a balance or transaction class will not be prevented or detected on a timely basis by internal controls.

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ACCOUNTING DATA is all the information and data contained in journals, ledgers and other records that support financial statements, e.g. spreadsheets. It may be in computer readable form or on paper.

PHINet is Prentice-Hall's Information Network.

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