What Is Meant by "Audit of Internal Control Over Financial

question 11

Essay

What is meant by "audit of internal control over financial reporting?"

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Definitions:

Depository Bank

A financial institution that holds and manages securities (stocks, bonds, etc.) for its clients and may also offer other banking services.

Payor Bank

A bank that is responsible for paying a check or draft presented for payment against an account.

Depositary Bank

A financial institution that holds securities, such as stocks or bonds, in electronic or physical form, for investors.

Cashier's Check

A check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.