Control activities are the policies and procedures that management has adopted to provide reasonable assurance that the financial reports are accurate and that the company's objective are being met. List the five categories of control activities and give a specific example of each.
Definitions:
Adverse Events
Unintended and generally negative outcomes or occurrences associated with a particular process, treatment, or action.
Borrow And Lend
The process of obtaining funds (borrowing) from another party with the obligation to return the funds often with interest (lending).
Short Term Variations
Fluctuations that occur in economic variables over shorter timeframes, usually less than a year.
Regular Pattern
A consistent or predictable manner in which something occurs or is repeated over time.
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