Asked by bresha willis on May 02, 2024
Verified
Technologically advanced accounting systems rarely need monitoring for errors because computers always process transactions correctly.
Technologically Advanced
Referring to the use or development of new and innovative technologies in processes, products, or services.
Monitoring Errors
The process of detecting and recording mistakes, particularly in the context of accounting or data management.
- Familiarize oneself with the limitations and considerations integral to internal control systems.
- Understand the role and impact of technology in enhancing internal control.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
False
Explanation :
While technologically advanced accounting systems have automated processes that minimize errors, they still require monitoring for errors because computers can malfunction or encounter unexpected situations that require manual intervention. Additionally, human error can also occur in data entry or system configuration.
Learning Objectives
- Familiarize oneself with the limitations and considerations integral to internal control systems.
- Understand the role and impact of technology in enhancing internal control.
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