The Risk Assessment Component of Internal Controls Refers To

question 49

Multiple Choice

The risk assessment component of internal controls refers to:

• A)the auditor's assessment of control risk.
• B)the auditor's assessment of engagement risk.
• C)the entity's identification and analysis of risks relevant to achievement of its objectives.
• D)the entity's monitoring of the potential for material misstatements.

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Definitions:

Health Insurance Portability and Accountability Act (HIPAA)

A U.S. law designed to provide privacy standards to protect patients' medical records and other health information.

Privacy Rights

The rights of individuals to have their personal information protected and kept confidential.

Medical Decisions

Choices made by patients and healthcare professionals regarding the course of treatment or care.

Medication History

A record of all the drugs a patient has taken or is currently taking.