| 词条 | Mitigating control (financial auditing) |
| 释义 |
A mitigating control is type of control used in auditing to discover and prevent mistakes that may lead to uncorrected and/or unrecorded misstatements that would generally be related to control deficiencies.[1] For example, a trader may fail to record a trade and the error may go unnoticed for several reporting periods. A mitigating control would be instrumental in finding and therefore, preventing such mistakes. If a key control fails and a mitigating control is in place, it may prevent the resulting potential financial statement error from becoming material. References1. ^https://www.irs.gov/irm/part1/irm_01-004-003.html 1 : Auditing terms |
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