The fifth step in the acquisition/payment process promotes strong internal control through:

Question

Quizplus · Accepted Answer

Both bank reconciliations and separation of duties are crucial in promoting strong internal controls in the acquisition/payment process. Bank reconciliations ensure that all recorded transactions match those recorded by the bank, preventing errors or fraud. Separation of duties involves separating tasks among different employees to reduce the risk of fraud, such as having different employees responsible for requesting, receiving, and storing inventory. Combining these two measures promotes strong internal control and reduces the risk of errors and fraud.

The Fifth Step in the Acquisition/payment Process Promotes Strong Internal