Which of the following describes the internal control procedure assignment of responsibilities?
A)To validate its accounting records,a company should have an audit by an external accountant.
B)The external auditors will monitor internal controls.
C)The company should separate the custody of assets from accounting.
D)Have clearly assigned responsibilities for each position.

Question

Quizplus · Accepted Answer

The internal control procedure assignment of responsibilities refers to the process of assigning clearly defined responsibilities for each position within the company. This helps to ensure that each person knows their role and is accountable for their specific tasks. Option A refers to an external audit, which is not directly related to assigning responsibilities. Option B refers to the external auditors monitoring the internal controls, rather than assigning responsibilities. Option C refers to the segregation of duties, which is related to assigning responsibilities but is only one aspect of it. Therefore, the best choice is D.

Which of the Following Describes the Internal Control Procedure Assignment