Which of the following is a necessary element in an accounting system? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a
Correct answer and double click the box with the question mark to empty the box for a
Wrong answer. Any boxes left with a question mark will be automatically graded as
Incorrect.)
A) Audit review
B) Internal control
C) Internal review
D) Audit control

Question

Quizplus · Accepted Answer

Internal control is a necessary element in an accounting system to ensure accuracy, completeness, and reliability of financial information. Audit review and control are important, but not necessary elements, as they are external validations of the accounting system. Internal review is also important, but it falls under the larger umbrella of internal control.

Which of the Following Is a Necessary Element in an Accounting