Question

As a part of internal accounting controls, the activity called

involves detecting and avoiding errors

Answer 1

The answer you are looking for is risk assessment

Answer 2

As a part of internal accounting controls, the activity called RECONCILIATION involves detecting and avoiding errors.

Step-by-step explanation:

Reconciliation involves detecting and avoiding errors since it helps management to discover or detect any mistakes and errors, and can also help to understand why these errors occurred and how to prevent future mistakes.

Reconciliation is basically comparing two different accounting records and making sure that they match, e.g. reconciliation of bank account and cash balance. If you cannot reconcile the company's bank account with its cash balance, it means something is wrong. Is the mistake intentional? Why did it occur? How can you prevent it from happening again? Can it be solved?