Mitigation of Risk Involves Applying Safeguards That Eliminate or Reduce

question 41

True/False

Mitigation of risk involves applying safeguards that eliminate or reduce the remaining uncontrolled risks._________________________

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Definitions:

Opportunities For Fraud

Circumstances or environments that could allow for the occurrence of fraudulent activities due to lack of controls, oversight, or ethical culture.

Review And Reconciliation

A process of ensuring that two sets of records or balances are in agreement, usually by examining and comparing documents or figures.

External Audit

An external audit is an independent examination of financial records and operations conducted by an outside entity to ensure accuracy and compliance with regulations.