Which of the Following Internal Control Features Would an Auditor

question 64

Multiple Choice

Which of the following internal control features would an auditor be least likely to review?

• A)Segregation of the asset-handling and record-keeping functions.
• B)Company policy regarding credit and collection efforts.
• C)Classification of sales and cost records by products.
• D)Authorisation of additions to plant and equipment.

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Definitions:

Unemployment Insurance

Unemployment insurance is a government program that provides temporary financial assistance to individuals who have lost their job through no fault of their own, aiming to mitigate economic hardship.

Federal Reserve

The Federal Reserve is the central banking system of the United States, responsible for monetary policy, regulation of financial institutions, and stability of the financial system.

Interest Rates

The cost of borrowing money or the rate paid for deposits, typically expressed as a percentage.

Aggregate Demand

The overall desire for goods and services within an economy, identified at a given price level and during a specified timeframe.