Which of the following is the only essential element of internal control?

Question

Quizplus · Accepted Answer

Procedures for proper authorization of transactions are the only essential element of internal control, as they provide a system for ensuring that all transactions are properly approved and recorded. While computerized accounting systems and an outsourced internal audit function can be helpful for improving internal control, they are not considered essential. Verification by government agencies may be required in certain industries, but it is not an element of internal control.

Which of the Following Is the Only Essential Element of Internal