An effective system of internal controls includes clear assignment of responsibility,specific procedures for documentation related to assets,and independent internal verification of data.

Question

Quizplus · Accepted Answer

This statement accurately reflects the key elements of an effective system of internal controls. Clear assignment of responsibility ensures that individuals are held accountable for their actions, while specific procedures for documentation of assets help prevent fraud or errors. Independent internal verification helps to ensure accuracy and reliability of data.

An Effective System of Internal Controls Includes Clear Assignment of Responsibility,specific