MONTHLY is: a. Once a month; every month; from month to month; or, b. Done, produced, or occurring once a month.
REASONABLE ASSURANCE, in internal control, is the fact that internal controls, no matter how well designed and operated, cannot guarantee that an entity’s objectives will be met because of inherent limitations in all internal control systems.
SENSITIVITY ANALYSIS is the analysis of how sensitive outcomes are to changes in the assumptions. The assumptions that deserve the most attention should depend largely on the dominant benefit and cost elements and the areas of greatest uncertainty of the program or process being analyzed.
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