The following set of items describes activities completed by a company in purchasing and paying for merchandise.For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. Checks are signed by designated officers in the finance department.
A) Adheres to sound internal control procedures
B) Violates sound internal control procedures
C) Neither strengthens nor violates internal control

Question

Quizplus · Accepted Answer

Having checks signed by designated officers in the finance department is a sound internal control procedure as it ensures that only authorized individuals have access to company funds.

The Following Set of Items Describes Activities Completed by a Company