internal control risk

internal control risk
See also: audit risk

Accounting dictionary. 2014.

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Look at other dictionaries:

  • control risk — internal control risk The risk that misstatements in the financial statements of a company will not be prevented or detected on a timely basis by the internal control system of a business. It is a part of the audit risk; an assessment of the… …   Accounting dictionary

  • Internal control — In accounting and organizational theory, Internal control is defined as a process effected by an organization s structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific… …   Wikipedia

  • Control Risk — Control Risk, in auditing, is the risk that a company s internal controls are insufficient to mitigate or detect errors or also*Risk Assessment *Inherent risk *Detection Risk …   Wikipedia

  • internal control — A physical or procedural mechanism that monitors and reduces *risk in an organization’s financial and operational activities. In its 1992 report *Internal Control Integrated Framework, the *Committee of Sponsoring Organizations of the Treadway… …   Auditor's dictionary

  • control risk — 1. The *risk that items in financial statements are *misstated as a result of problems in an organization’s *internal control systems. Control risk is considered alongside *inherent risk and *detection risk as one of three components of external… …   Auditor's dictionary

  • Control Risk Self Assessment — CRSA A *risk assessment methodology in which an organization’s employees identify and assess areas of *risk and *control for which they are responsible. Control Risk Self Assessment (CRSA) mechanisms include the use of *questionnaires or the… …   Auditor's dictionary

  • Internal Control - Integrated Framework — A landmark report issued in 1992 by the *Committee of Sponsoring Organizations of the Treadway Commission (COSO). Commonly known as the COSO Report, it sets out (in its own words) a standard against which businesses and other entities... can… …   Auditor's dictionary

  • ISA 400 Risk Assessments and Internal Control — is one of the International Standards on Auditing. It serves to require the auditor is to understand the client s accounting system and internal control system and to assess control risk and inherent risk. The objective is to determine the nature …   Wikipedia

  • Risk Management Information Systems — (RMIS) are typically computerized systems that assist in consolidating property values, claims, policy, and exposure information and provide the tracking and management reporting capabilities to enable you to monitor and control your overall cost …   Wikipedia

  • Risk assessment — is a common first step in a risk management process. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat. Quantitative risk assessment requires calculations of… …   Wikipedia

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