Key controls for the acquisition and expenditures process that are often used by management to prevent or detect misstatements in the financial statements are
A)limitation of duties
B)separation procedures
C)documented transaction trails
D)department reconciliations
E)logical controls that limit access to assets

Question

Quizplus · Accepted Answer

Documented transaction trails provide a clear record of transactions, which helps in tracking and verifying the accuracy of financial data, thus preventing or detecting misstatements.

Key Controls for the Acquisition and Expenditures Process That Are