It Usually Takes More Time to Audit the Acquisition and Payment

question 88

Multiple Choice

It usually takes more time to audit the acquisition and payment cycle than any other cycle because:

• A) there is a greater likelihood of lawsuits against the auditor relating to these accounts.
• B) internal controls in this area are usually weaker.
• C) there is a greater possibility of fraud in these transactions.
• D) of the large number of time-consuming accounts affected.

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Definitions:

Hippocrates

An ancient Greek physician often regarded as the father of Western medicine, known for the Hippocratic Oath.

Body Fluids

Liquids produced by the body that have various functions, including blood, saliva, and digestive juices.

Chemical Communication Systems

The transfer of information among organisms through the release and reception of chemical signals.

Blood

A vital fluid in humans and animals that delivers necessary substances such as nutrients and oxygen to cells and transports metabolic waste products away.