Examlex
If there is more than a reasonable possibility that a material misstatement could result from a significant deficiency found during the audit, then that deficiency is considered a material weakness in internal control.
False Alarm
An incorrect signal indicating that a certain condition or attribute has been detected when it has not.
Control Charts
Statistical tools used in quality control to monitor a process and identify when it is out of control, through the plotting of data points in time order.
Gradual Shift
A slow and steady change or movement in position, opinion, or condition over time.
Piston Rings
Circular components that fit into grooves on the outer diameter of a piston in an engine to seal the combustion chamber, control oil consumption, and manage heat transfer.
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