Internal control standards do not include which of the following?
A) Separation between operational transactions and accounting record keeping
B) Maintain qualified personnel and rotate duties
C) Use sequentially numbered receipt forms to acknowledge collections
D) Require regular external audit

Question

Quizplus · Accepted Answer

Internal control standards provide best practices and guidelines for organizations to follow in order to safeguard their assets and ensure accurate financial reporting. However, requiring a regular external audit is not an internal control standard, as external audit is typically conducted by an independent third party rather than an organization's internal control system.

Internal Control Standards Do Not Include Which of the Following