If No Source Documents Are Used by the IT System

question 12

True/False

If no source documents are used by the IT system, then the general controls, such as computer logging of transactions, become less important.

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Definitions:

Reserve Currency

A foreign currency held in large amounts by governments and institutions as part of their foreign exchange reserves.

Financial Crisis

A situation where financial assets suddenly lose a large part of their nominal value, often leading to a collapse of markets and economies.

Weakening

A term often used to describe a decline in the strength or value of an asset or currency.

Portfolio Investment

Investments in a variety of financial assets, such as stocks, bonds, and commodities, to diversify risks.