The internal audit department at Monument Company receives electronic exceptions reports for all sales transactions entered over $10,000 in total.This process is performed for which purpose?
A)Drafting financial statements.
B)Monitoring revenue transactions.
C)Providing management reports to the controller.
D)Providing suggestions for operational improvement.

Question

Quizplus · Accepted Answer

The purpose of receiving electronic exceptions reports for sales transactions over $10,000 is to monitor revenue transactions. This helps the internal audit department ensure that sales are being accurately recorded and that there are no revenue leakage or fraud issues.

The Internal Audit Department at Monument Company Receives Electronic Exceptions