An internal control system consists of all the following policies and procedures except:
A) Those necessary to ensure the safeguarding of an entity's assets.
B) Those necessary to ensure that cash on hand and on deposit in checking accounts is beyond the minimal amount for ongoing operations.
C) Those necessary to ensure the reliability of its accounting records.
D) Those necessary to ensure the accomplishment of its overall objectives.

Question

Quizplus · Accepted Answer

While ensuring that cash on hand and on deposit in checking accounts is beyond the minimal amount for ongoing operations is a good financial practice, it is not directly related to an internal control system. The other options are all key components of a comprehensive internal control system.

An Internal Control System Consists of All the Following Policies