DEVIATION Definition

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DEVIATION is the departure from prescribed internal control. Often expressed as a rate at which the departure occurs.

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FINANCIAL ACCOUNTING is the area of accounting concerned with reporting financial information to interested external parties.

LITIGATION RISK is an assessment of the likelihood or probability that legal action may be taken, e.g. auditors may encounter an unacceptable level of litigation risk on an assignment where the client has possibly been involved with fraudulent financial reporting.

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