Which of the following is one of the overriding principles of internal control?
A) Responsibility for accounting and financial duties should be assigned to one responsible officer.
B) Responsibility for the performance of each duty must be fixed.
C) Responsibility for the accounting duties must be borne by the audit committee of the company.
D) All of the options listed here are correct

Question

Quizplus · Accepted Answer

The principle that responsibility for the performance of each duty must be fixed is an important aspect of internal control. This means that each individual within the organization should have a clear understanding of their duties and responsibilities, and be held accountable for carrying them out effectively. This helps to ensure that tasks are completed efficiently and accurately, and reduces the risk of errors, fraud, and other issues. The other options listed are not accurate principles of internal control - while it is important to assign responsibility for accounting and financial duties, this should not be limited to one individual or officer (A); the audit committee may be involved in oversight of financial reporting, but should not be solely responsible for accounting duties (C); and D is not a valid option as it suggests that all options are correct, when in fact only B is a valid principle of internal control.

Which of the Following Is One of the Overriding Principles