Which of the following is not a common internal accounting control procedure in a property business process?
A) Having physical inventories of property taken periodically under the supervision of staff who are responsible for the custody of the assets
B) Requiring authorization by an official or committee for expenditures over a certain amount
C) Reconciling detailed subsidiary property records with the control accounts at least annually
D) Having the property appraised periodically for insurance purposes

Question

Quizplus · Accepted Answer

Having physical inventories of property taken periodically under the supervision of staff who are responsible for the custody of the assets is not a common internal control procedure because it lacks independence and could lead to conflicts of interest or misstatements.

Which of the Following Is Not a Common Internal Accounting