Specific internal control procedures to be performed, specifically independent checks and reconciliations, should be performed by someone who as the responsibility for the recording of the transactions and the custody of the assets received.

Question

Quizplus · Accepted Answer

Independent checks and reconciliations should be performed by someone who does not have responsibility for recording transactions or custody of assets to ensure objectivity and prevent conflicts of interest.

Specific Internal Control Procedures to Be Performed, Specifically Independent Checks