Internal controls in the acquisition/payment process should address which of the following forms of risk?
A)Liquidity risk
B)Human error risk
C)Both liquidity risk and human error risk
D)Neither liquidity risk nor human error risk

Question

Quizplus · Accepted Answer

Internal controls in the acquisition/payment process should address both liquidity risk and human error risk. Liquidity risk refers to the risk of not being able to meet financial obligations in a timely manner, while human error risk refers to the potential for mistakes or oversights in the processing of payments or acquisition of goods and services. Effective internal controls can help to mitigate these risks and ensure the accuracy and completeness of transactions.

Internal Controls in the Acquisition/payment Process Should Address Which of the Following