Which of the Following Is an Inherent Limitation of Internal

question 10

Multiple Choice

Which of the following is an inherent limitation of internal controls?

• A)Lack of auditor independence.
• B)Collusion.
• C)Separation of duties.
• D)Employee peer review.

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Definitions:

Price

The monetary value assigned to a product or service, indicating how much a buyer must pay to acquire it.

Technological Advance

The development and application of innovative tools, machinery, and methods to improve efficiency, productivity, and outcomes in various fields.

Retail Market

A marketplace where goods and services are sold directly to consumers, typically involving transactions of smaller quantities.

World Supply

Refers to the total amount of a particular good or service that is available for purchase on the global market.