The chart of accounts is a control and is closely related to the controls related to adequate documents and records.

Question

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The chart of accounts provides a framework for organizing financial transactions, which is a control related to the adequate documentation and record-keeping. Without a proper chart of accounts, it would be difficult to accurately track and report financial information, leading to potential errors and fraud. Therefore, the chart of accounts is closely related to controls related to adequate documents and records.

The Chart of Accounts Is a Control and Is Closely