Which of the following is not an example of independent verification?
A)comparing fixed assets on hand to the accounting records
B)performing a bank reconciliation
C)comparing the accounts payable subsidiary ledger to the control account
D)permitting only authorized users to access the accounting system

Question

Quizplus · Accepted Answer

Permitting only authorized users to access the accounting system is an example of internal control, not independent verification. Independent verification refers to an external party verifying information, while internal control refers to the measures put in place by management to ensure the accuracy and reliability of financial information within the organization. Options A, B, and C are all examples of independent verification as they involve checking and reconciling information with external sources or records.

Which of the Following Is Not an Example of Independent