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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ANALYZE is to Identify and classify items for further study.

DISCLOSURE PRINCIPLE states that any and all information that affects the full understanding of a companys financial statements must be include with the financial statements. Some items may not affect the ledger accounts directly. These would be included in the form of accompanying notes. Examples of such items are outstanding lawsuits, tax disputes, and company takeovers.

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