CONTROL RISK Definition

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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PERSONAL ACCOUNTS represents money due to or due from a person or group of persons. For example, Accounts Payable - Suppliers is a personal account since this amount is payable to a supplier/suppliers.

IMPLICITY is something implied or understood although not directly expressed.

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