Association of Chartered Certified Accountants (ACCA) Certification Practice Test 2026 - Free ACCA Practice Questions and Study Guide

Payment controls are designed specifically to restrict payments to authorized individuals only. These controls can include a variety of procedures and policies that ensure that funds are disbursed only when appropriate approvals are obtained and when payments are made to legitimate recipients.

For example, payment controls may involve requiring dual signatures for checks above a certain amount, using a secure payment system that verifies the identity of the payee, or having a clear delineation of authority where only specific individuals can initiate or authorize payments. The goal of these controls is to prevent unauthorized access to funds and mitigate the risk of fraud.

While documentation review, employee training, and payroll analysis are all important practices in financial management, they serve different purposes. Documentation review helps ensure that transactions are supported by the necessary records, employee training focuses on educating staff about processes and policies, and payroll analysis is concerned with examining payroll data for accuracy and compliance. However, only payment controls directly address the restriction of payments to authorized persons.