An element of internal control is:

Question

Quizplus · Accepted Answer

Control procedures are an element of internal control. They include policies and procedures that are designed to ensure that management directives are being carried out and that the organization's objectives are achieved. Examples of control procedures include authorization and approval requirements, separation of duties, physical control of assets, and security measures.

A) Generally accepted accounting principles are accounting standards that apply to financial reporting and ensure the accuracy and consistency of financial information. While they are important in maintaining accurate financial records, they are not considered an element of internal control.

C) Special-purpose funds are funds that are set up for a specific purpose or project. They are not necessarily an element of internal control.

D) Electronic funds transfer refers to the electronic transfer of funds from one bank account to another. While it is a method of financial transaction, it is not an element of internal control.

An Element of Internal Control Is