Asked by
Gaurav Gaikwad
on Nov 14, 2024Verified
The use of remittance advices for mail receipts is an example of
A) documentation procedures.
B) other controls.
C) physical controls.
D) independent internal verification.
Remittance Advices
Remittance advices are documents sent by customers to businesses indicating that an invoice has been paid, often including details of the payment.
Mail Receipts
Incoming payments or documents received through postal services, often associated with business transactions or official correspondences.
Documentation Procedures
The formal processes used for recording and maintaining evidence of transactions and activities, essential for audit and control purposes.
- Understand the importance of documentation in internal controls.
Verified Answer
BK
Learning Objectives
- Understand the importance of documentation in internal controls.