Which of the following would not be considered an element of good internal control?
A) Require monthly reconciliation of bank accounts with the cash account.
B) Require that approval for cash payments and the signing of cheques be assigned to different individuals.
C) Require that all cash receipts be deposited on a daily basis.
D) Require that the individual who handles cash receipts be responsible for the accounting function related to those funds.

Question

Quizplus · Accepted Answer

Good internal control requires segregation of duties, so having the same individual handle both the receipt of cash and the accounting function related to those funds would not be considered an element of good internal control.

Which of the Following Would Not Be Considered an Element