_______ Are Controls That Do Not Rely on the Client's

question 38

Short Answer

_______ are controls that do not rely on the client's information technology (IT) environment for their operation.
[Manual controls] | Automated controls | IT general controls (ITGCs) | Computer application controls

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Definitions:

Fair Values

A measure of the estimated market value of an asset or liability, based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction.

Consolidated Financial Statements

Financial statements that aggregate the financial information of a parent company and its subsidiaries into one comprehensive document.

Wholly Owned Subsidiaries

Companies whose entire share capital is 100% owned by another company, which gives the parent company full control over the subsidiary.

Audit

A systematic review and assessment of financial records or business processes to ensure accuracy and compliance with regulations and standards.