In order to ensure that all records are updated only for authorized transactions, appropriate individuals should be assigned all of the following duties, except:
A)Opening and closing all bank accounts
B)Preparing the bank reconciliation
C)Approving bank deposits
D)Approving electronic transfers of funds

Question

Quizplus · Accepted Answer

Preparing the bank reconciliation is a duty that should not be assigned to the same individuals who are responsible for opening and closing bank accounts, approving bank deposits, or approving electronic transfers of funds. This is because the bank reconciliation is a control measure that is used to verify the accuracy of the bank statement and to identify any unauthorized transactions. If the same individuals who are responsible for making transactions are also responsible for reconciling the bank statement, then there is a risk that they could conceal unauthorized transactions by manipulating the reconciliation.

In Order to Ensure That All Records Are Updated Only