The Internal Control Objective of 'Real' Refers to Controls in Place

question 36

True/False

The internal control objective of 'real' refers to controls in place to ensure that fictitious or duplicate transactions are not included in the books and records of the organisation.

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, often useful but sometimes leading to inaccuracies or biases.

Availability Heuristic

A cognitive heuristic that depends on readily accessible examples in an individual’s mind when assessing a particular topic, idea, strategy, or choice.

Improbable Dangers

Perceived threats or risks that have a very low likelihood of occurring.

Vivid Memories

Exceptionally clear, detailed, and lifelike memories, often of significant or emotional events.