An internal control system consists of all the following policies and procedures necessary to ensure except:

Question

Quizplus · Accepted Answer

The internal control system is not responsible for determining the amount of cash on hand or in checking accounts needed for ongoing operations. This decision is typically made by management based on cash flow forecasts and other business needs. The other options listed (safeguarding of assets, reliability of accounting records, and accomplishment of overall objectives) are core components of an internal control system.

An Internal Control System Consists of All the Following Policies