Internal controls associated with the acquisition / payment process include:
A)Separation of duties.
B)Adequate documentation.
C)Both A and B.
D)Neither A nor B.

Question

Quizplus · Accepted Answer

Separation of duties and adequate documentation are both important internal controls associated with the acquisition/payment process. Separation of duties helps to prevent any one person from having too much control over the entire process, thus reducing the risk of fraud or errors. Adequate documentation ensures that all transactions are properly authorized and recorded, making it easier to trace any problems that may arise. Together, these controls help to ensure the accuracy and integrity of the acquisition/payment process.

Internal Controls Associated with the Acquisition / Payment Process Include