> . Untitled - Paint sombe File Home View Xan A NOWOGA outline The Copy Restre Paste NOOOOO Select rushes Color Color Rotate ADOO 2 Clipboard image Tools Shapes Audit Planning Terms Match the following definitions provided with the most relevant terms. Terms may only be used once Edit colors Edit with Paint 30 Colors Materiality 4 Control risk 5 Business risk 3 Planned detection TISK 2 Preliminary judgment about Inherent risk 7 6 Acceptable audit risk Tolerable misstatement arded The risk that the auditor or audit firm will suffer harm because of a client relationshio even though the audit report rendered for the client was correct The maximum amount by which the auditor believes that the statements could be misstated and still not affect the decisions of reasonable users A measure of the auditor's assessment of the likelihood that there are material misstatements before considering the effectiveness of internal control A measure of the risk that audit evidence for a segment will fail to detect misstatements exceeding a tolerable amount, should such Supp! misstatements exist Edit The materiality allocated to any given account balance New A measure of how much risk the auditor is willing to take that the financial statements may be materially misstated after the audit is completed and an unqualified audit opinion has been issued A measure of the auditor's assessment of the likelihood that misstatements exceeding a tolerable amount in a segment will not be prevented or detected by the client's internal controls The magnitude of an omission or misstatement of accounting information that makes it probable that the judgment of a reasonable person would have been changed 100% 50 p 10 1580 1064px Untitled Paint File Hone View Copy If Crop Resise Rotate Paste Select WODOLA- Outline NOOD grushes HODO. Tools Shapes Color Color Edit colors Edit with Paint 30 Clipboard Image Colors ng Internal Controls Match the definitions provided with the appropriate terms Internal control 2 Monitoring 3 Control activities Specific authorization 5 Separation of duties Control environment General authorization act ty cies aroce ortin Independent checks Risk assessment on performance The actions. Dolicies and procedures that reflect the overall attitudes of top monscement directors and owners of an entity about control and its importance to the entity Policies and procedures that help ensure necessary actions are taken to address risks in the achievement of the entity's objectives A process designed to provide reasonable assurance regarding the achievement of management's objectives in the following categories (1) reliability of financial reporting, 2) effectiveness and efficiency of operations, and (3) compliance with applicable laws and regulations. Management's ongoing and periodic assessment of the quality of internal control performance to determine that controls are operatina as intended and modified when needed Segregation of the following activities in an organization custody of assets, accounting, authorization, and operational responsibility Company wide policies for the approval of all transactions within stated limits Management's identification and analysis of risks relevant to the preparation of financial statements in accordance with generally accepted accounting principles anage eded greg snage