ENTERPRISE RISK MANAGEMENT (ERM) identifies risks and opportunities, assesses them for likelihood and magnitude, determines responses strategy, and monitors progress. ERM integrates strategic planning, operations management, and internal control. Monitoring ERM is part of internal control activities.
INTERNAL CONTROL SYSTEM is a formalized system intended to provide reasonable assurance that the objectives of a program as a whole are met, e.g. financial control, quality control or process control.
WEBTRUST ENGAGEMENT is when a CPA issues an opinion on a web site when the business and information privacy practices, transaction integrity, and protection of customer information meet certain standards.
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