Internal controls associated with the acquisition/payment process include:
A)Separation of duties.
B)Adequate documentation.
C)Both separation of duties and adequate documentation.
D)Neither separation of duties nor adequate documentation.

Question

Quizplus · Accepted Answer

Both separation of duties and adequate documentation are important internal controls associated with the acquisition/payment process. Separation of duties ensures that no single individual has control over the entire process and helps prevent fraud or errors. Adequate documentation ensures that all transactions are properly recorded and can be easily traced, reducing the risk of errors and fraud. Both of these controls work together to create a strong system of internal control.

Internal Controls Associated with the Acquisition/payment Process Include