Evaluated Receipts Settlement is ________.

A.

a procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order

B.

a streamlined process that bypasses paper documents altogether

C.

an organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records

D.

a process that eliminates the need for separation of duties

2

Public companies _________.

A.

are audited by accounting firms that do not also provide certain consulting services to the public company

B.

are required by the Financial Accounting Standards Board to maintain a system of internal controls

C.

must issue an internal control report which states that the outside auditor is responsible for the adequacy of internal controls

D.

are overseen by the Public Company Accounting Oversight Board