Which of the following is an attribute of the internal control procedure-assignment of responsibilities?
A) To validate their accounting records, a company should have an audit by an external accountant.
B) The company should separate the custody of assets from accounting.
C) The external auditors will monitor internal controls.
D) Each position has clearly assigned responsibilities.

Question

Quizplus · Accepted Answer

The attribute of the internal control procedure-assignment of responsibilities is that each position has clearly assigned responsibilities. This helps ensure that everyone knows what tasks they are responsible for, and reduces the risk of errors or fraudulent activities. The other options do not relate to this specific attribute. Option A discusses the use of external auditors, option B discusses the separation of custody of assets from accounting, and option C refers to the external auditors monitoring internal controls.

Which of the Following Is an Attribute of the Internal