The internal control process that requires the performance of end of period review to determine whether purchases are recorded in the proper period will help to minimize the risk of all of the following EXCEPT:
A)Timing issues
B)Omitted purchases
C)Duplicate purchases
D)Stolen goods

Question

Quizplus · Accepted Answer

The end of period review for purchases would not directly address the risk of stolen goods. This is because stolen goods may not be recorded in the accounting system at all, and the review of purchase records will not necessarily identify any missing inventory or theft. Other internal control procedures, such as physical inventory counts and security measures, may be necessary to address the risk of stolen goods.

The Internal Control Process That Requires the Performance of End