The internal control activity requiring the preparation of a bank reconciliation will minimize the risk of all of the following EXCEPT:
A)Timing issues
B)Stolen cash
C)Fictitious employees
D)Invalid or omitted paychecks

Question

Quizplus · Accepted Answer

Bank reconciliation primarily addresses discrepancies in cash transactions and balances, not issues related to payroll fraud such as fictitious employees.

The Internal Control Activity Requiring the Preparation of a Bank