The company has a policy of waiting at least a month before calling the bank about errors on the bank statement.This saves time because most errors correct themselves.This is an internal control ________.

Question

Quizplus · Accepted Answer

Waiting a month before addressing errors on a bank statement is a weakness in internal control because it increases the risk of errors going unnoticed and potentially causing financial harm to the company. A stronger internal control would involve reviewing bank statements promptly and addressing any errors as soon as possible.

The Company Has a Policy of Waiting at Least a Month