Internal Controls: Internal controls are policies, procedures, and practices implemented by an organization to provide reasonable assurance that its objectives will be achieved and that undesirable events will be prevented, detected, and corrected.
Control Deficiencies: Control deficiencies are weaknesses in the design or operation of internal controls that could adversely affect an organization's ability to achieve its objectives and report reliable financial information.
Corrective Action: Corrective action refers to the steps taken by an organization to address and resolve identified control deficiencies, with the goal of improving the overall internal control system.