A new internal control procedure should only be implemented if:

Question

Quizplus · Accepted Answer

A new internal control procedure should only be implemented if the benefits of the new procedure are expected to be greater than the cost of its implementation. This ensures that the company is using its resources effectively and efficiently. Approval from external auditors and agreement from staff members may be helpful, but are not the determining factors for implementation. Enhancing bank reconciliation preparation may be a possible benefit of the new procedure, but is not the only factor to consider.

A New Internal Control Procedure Should Only Be Implemented If