Select the necessary words from the list of possibilities to complete the following statements. 2. Statements Under COSO, the control environment, risk assessment, the accounting information and communication system, control activities and monitoring are referred to as the of internal control. to foreign officials to obtain business and requires The Foreign Corrupt Practices Act of 1977 prohibits companies to maintain an effective system of internal control. No single employee in a company should have incompatible 3. allowing the employee to both perpetrate and conceal errors or fraud in the normal course of performing his or her job. 4. The two broad categories of information processing controls are 5. Controls that rely on segregation of duties may be circumvented by 7. 8. A client's organizational structure. and application controls. among employees. environment includes such components as management philosophy and operating style, and A form of insurance in which an insurance company agrees to reimburse an employer for losses attributable to employee theft is referred to as The auditors of a service organization, known as service auditors, may review the controls at the organization and issue a report that may be relied upon by auditors. Auditors are required by professional standards to communicate and material weaknesses to the audit committee. Answer