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

Question

Quizplus · Accepted Answer

The internal control of prenumbering cheques and accounting for them primarily addresses the audit objective of completeness. This ensures that all cheques issued are recorded and accounted for, preventing any omission in the recording of cash payments.

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