In the following situation,which internal control procedure needs strengthening?
- The controller's duties include approving bank reconciliations,approving general journal entries,hiring administrative staff,and approving various types of administrative expenses.She needs new computer equipment for the accounting office,but there are no guidelines specifying whether she can approve purchases of office equipment.
A) Assignment of responsibilities
B) Competent, reliable, and ethical personnel
C) Separation of duties
D) Documents

Question

Quizplus · Accepted Answer

The lack of guidelines for approving purchases of office equipment indicates a weakness in the assignment of responsibilities, as it's unclear whether the controller has the authority to approve such purchases.

In the Following Situation,which Internal Control Procedure Needs Strengthening