A policy stating that the board of directors must approve all expenditures for capital assets in excess of $50,000 is an example of

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This policy is an example of specific authorization, as it sets a specific threshold for approval of capital asset expenditures. General authorization would be a broader authorization for spending without specific limits. Adequate documentation and proper procedures are important aspects of financial controls, but are not directly addressed in this policy. An independent check would involve a separate, independent review of the expenditure, which is not explicitly mentioned in this policy.

A Policy Stating That the Board of Directors Must Approve