Key control procedures for the long-term debt and owner's equity process are

Question

Quizplus · Accepted Answer

The key control procedures for long-term debt and owner's equity process are segregation of duties and documented transaction trails, as these help to prevent errors and fraudulent activities. Reconciliation procedures and independent recalculations are also important, but they are more relevant for the cash and accounts payable processes. Physical controls that allow access to assets are not directly relevant to the long-term debt and owner's equity process.

Key Control Procedures for the Long-Term Debt and Owner's Equity