The cashier deposits checks for Benedek Incorporated and also prepares payments to vendors.Of the following,who is best able to reconcile the bank statement to Benedek's records on a regular basis?

Question

Quizplus · Accepted Answer

The internal audit department is the best choice to reconcile the bank statement to Benedek's records on a regular basis as it is an independent department that reports directly to the audit committee or board of directors. This department will have access to all financial records and can provide an objective opinion on the accuracy of the reconciliation process. The cashier may have a conflict of interest in reconciling records that they are responsible for depositing, while the treasurer may not have access to all necessary records. The external auditor is not usually involved in regular reconciliations.

The Cashier Deposits Checks for Benedek Incorporated and Also Prepares