The Impact of Technology on Internal Controls Includes

question 99

Multiple Choice

The impact of technology on internal controls includes:

• A) Reduced processing errors.
• B) Elimination of the need for regular audits.
• C) Elimination of the need to bond employees.
• D) Elimination of separation of duties.
• E) Elimination of fraud.

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Definitions:

Cost Constraint

The principle that the cost of providing financial information should not outweigh the benefits that the information provides to users.

Generating Revenue

The process by which a company produces income from its operations, sales, or services.

Consumed Assets

Assets that have been used and cannot be restored or recovered, typically expensed in the period they are used.

Services Used

Consumption of services in operations, such as consulting, maintenance, or legal services, recorded as expenses.