The Results of an Internal Audit Finds That There Is

question 25

Multiple Choice

The results of an internal audit finds that there is a problem with inaccurate time data being entered into the payroll system.What is an applicable control that can help prevent this event from occurring in the future?

• A) proper segregation of duties
• B) automation of data collection
• C) sound hiring procedures
• D) review of appropriate performance metrics

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Definitions:

Units

In accounting and finance, refers to a measure of quantity or volume of production or inventory.

Specific Identification

An inventory costing method in which costs are assigned to individual items or batches of items, not to inventory as a whole.

Cost of Goods Sold

This refers to the aggregate expense involved in creating a product that a company sells, including direct labor, material costs, and direct factory overhead.

Ending Inventory

The total value of unsold goods that a company has in stock at the end of an accounting period.