Key controls for the acquisition and expenditures process that are often used by management to prevent or detect misstatements in the financial statements are
A)segregation of duties
B)separation procedures
C)documented transaction entries
D)department reconciliations
E)logical controls that limit access to assets

Question

Quizplus · Accepted Answer

Segregation of duties is a key control that helps prevent or detect errors and fraud by ensuring that no single individual has control over all aspects of a financial transaction.

Key Controls for the Acquisition and Expenditures Process That Are