Which of the following are effective controls for detecting duplicate transactions such as payments made or received?

Correct option is A

Time stamps are an effective control mechanism for detecting duplicate transactions. By recording the exact time when a transaction is processed, the system can identify duplicates by comparing time stamps of previous transactions. This ensures that payments or receipts with the same data but different time stamps can be flagged for review.
Important Key Points:
1. Time Stamps in Transactions: They provide a unique identifier based on the transaction's processing time, which can be used to detect duplicates effectively.
2. Implementation: Systems can be configured to check for duplicate entries based on identical transaction data and matching or very close time stamps.
3. Efficiency: Time stamps are particularly effective in real-time processing environments where speed and accuracy are critical.
Knowledge Booster:
· Concurrency Controls: Prevent simultaneous operations that could lead to data inconsistencies but do not focus specifically on detecting duplicate transactions.
· Referential Integrity Controls: Ensure data relationships remain consistent in a database but are not designed to detect duplicates.
· Reasonableness Checks: Validate whether the data entered is logical or expected but do not directly detect duplicates.
· Combined Controls: While combining controls can strengthen overall system reliability, time stamps remain the most effective standalone tool for duplicate detection.