Internal controls in an Evaluated Receipts Settlement (ERS) system _______.
A)are generally not required
B)are dissimilar to internal controls in a traditional computerized system
C)are similar to internal controls in a traditional computerized system
D)should be audited by the internal audit function, due to their increased familiarity with this function

Question

Quizplus · Accepted Answer

Internal controls in an ERS system are similar to internal controls in a traditional computerized system. This is because the objective of internal controls is to ensure accuracy and completeness of data, regardless of the system or process employed. Correct controls should be established, such as segregation of duties, security controls, and management oversight, to minimize the risk of fraud or error.

Internal Controls in an Evaluated Receipts Settlement (ERS) System _______