The internal control which requires that 'cheques are prenumbered and accounted for' satisfies the transaction- related audit objective for cash payments of:
A) posting and summarisation.
B) completeness.
C) accuracy.
D) existence.

Question

Quizplus · Accepted Answer

Prenumbering and accounting for cheques ensures that all cheques are recorded and none are missing, thus satisfying the completeness objective.

The Internal Control Which Requires That 'Cheques Are Prenumbered and Accounted