EFFECTIVE INTERNAL CONTROL Definition

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EFFECTIVE INTERNAL CONTROL is reasonable assurance that operational objectives are achieved, that published financial statements are reliably prepared, and that the entity complies with applicable laws and regulations.

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MANAGEMENT LETTER identifies issues not required to be disclosed in the Annual Financial Report but represent the auditors concerns and suggestions noted during the audit.

SETOFF is the discharge of a debt by setting against it a distinct claim in favor of the debtor.

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