Internal Controls That Are Likely to Prevent the Client from Including

question 23

Multiple Choice

Internal controls that are likely to prevent the client from including as a business expense those transactions that primarily benefit management or other employees rather than the entity being audited satisfy the control objective that

• A)recorded acquisitions are for goods and services received.
• B)existing acquisitions are recorded.
• C)acquisitions are correctly valued.
• D)acquisitions are correctly classified.

---

Definitions:

Demonstrations

Public gatherings where individuals collectively show their support or opposition toward a particular cause or policy.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

WTO

World Trade Organization, an intergovernmental organization that regulates international trade by providing a framework for negotiating trade agreements and a dispute resolution process to enforce participants' adherence to trade agreements.

IMF

The International Monetary Fund, an international organization designed to ensure the stability of the international monetary system, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.