Indicate whether each of the following statements regarding internal controls is true or false.
-Separation of duties is an internal control element that would require different individuals to perform the functions of authorization, recording of transactions, and custody of assets

Question

Quizplus · Accepted Answer

This statement is true. Separation of duties is a crucial internal control element that ensures that different individuals perform the functions of authorization, recording of transactions, and custody of assets to prevent fraud and errors. This helps in ensuring the accuracy and reliability of financial reporting.

Indicate Whether Each of the Following Statements Regarding Internal Controls