As a Form of Internal Control to Address the Risk

question 5

Multiple Choice

As a form of internal control to address the risk of inappropriate/missing authorizations, internal audit review of selected transactions is best described as:

• A)A general control.
• B)An application control.
• C)A behavioral control.
• D)A financial control.

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Definitions:

Job Performance

The level to which an employee executes their job duties and accomplishes professional tasks.

Defined Benefit Plan

A pension plan where an employer promises a specified pension payment upon retirement, calculated based on the employee's earnings history, tenure of service, and age.

Retirement Accounts

Financial accounts that offer tax benefits and are specifically designed to save and invest for retirement.

Lump Sum Amount

A single payment made for a particular purpose, rather than payments made in installments.