Listed Below Are Ten Terms Followed by a List of Phrases

question 32

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Overall attitude of the company with respect to internal controls.

• A)Monitoring
• B)Oversight board
• C)Control activities
• D)Corporate executive accountability
• E)Nonaudit services
• F)Control environment
• G)Internal control
• H)Information and communication
• I)Auditor rotation
• J)Risk assessment

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Definitions:

RLLP

A Registered Limited Liability Partnership, a form of partnership that offers some partners limited liability regarding the partnership's debts and obligations.

Collateralize

The act of using an asset as security for a loan, ensuring the lender can seize the asset if the borrower defaults.

UPA

Uniform Partnership Act, a standardized set of laws to regulate the formation and management of partnerships in the United States.

Mortgage

A transfer of an interest in property for the purpose of creating a security for a debt.