Reconciling the bank statement monthly is an example of

Question

Quizplus · Accepted Answer

Reconciling the bank statement monthly is an example of independent internal verification, which involves reviewing and comparing internal records with external ones to ensure accuracy and detect errors or fraud. This process helps ensure that all transactions are properly recorded, and that any discrepancies are identified and investigated in a timely manner. While segregation of duties, establishment of responsibility, and documentation procedures are all important internal control procedures, they are not directly related to the act of reconciling the bank statement.

Reconciling the Bank Statement Monthly Is an Example of