Evaluated Receipts Settlement is ________.
A) a streamlined process that bypasses paper documents altogether
B) a process that eliminates the need for separation of duties
C) a procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order
D) an organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records

Question

Quizplus · Accepted Answer

Evaluated Receipts Settlement (ERS) is a procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order. This eliminates the need for invoices and bypasses paper documents altogether. However, it is important to note that it does not eliminate the need for separation of duties or other internal controls to ensure accurate and reliable accounting records. D is a description of internal controls in general, and B is incorrect as separation of duties is still necessary.

Evaluated Receipts Settlement Is ________