The internal control objective of 'valued' refers to controls in place to ensure that transactions are recorded in the accounting period.

Question

Quizplus · Accepted Answer

The internal control objective of 'valued' refers to controls in place to ensure that transactions are recorded accurately and at the correct amount in the accounting records, not necessarily in the correct accounting period. Internal controls related to the timing of transactions are covered under the objective of 'timing'.

The Internal Control Objective of 'Valued' Refers to Controls in Place