A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of
A) accuracy.
B) completeness.
C) timing.
D) occurrence.

Question

Quizplus · Accepted Answer

The key internal control mentioned is related to the timing aspect of the acquisition cycle, which means ensuring transactions are recorded promptly after goods and services have been received. This satisfies the timing-related audit objective.

A Key Internal Control Over the Acquisition Cycle Is to Ensure