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Control Environment
The control environment forms part of an organization’s internal control framework, setting the tone for discipline and structure regarding the internal controls and operational processes.
Risk Assessment
The process of identifying, analyzing, and evaluating the likelihood and impact of risks on a project or organization.
Control Procedures
Policies and procedures that are put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Beginning Balance
The amount of funds or value of an account at the start of a new financial period.
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