Company policy for internal control should include all of the following except:
A) Employees will be rotated twice a year.
B) Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.
C) The owner (or responsible employee) signs all checks after receiving authorization to pay from the departments concerned.
D) At time of payment, all supporting invoices or documents will be stamped "paid."

Question

Quizplus · Accepted Answer

Monthly bank statements should be sent to and reconciled by an employee who is not involved in the authorization of payments and writing of checks to ensure separation of duties and reduce the risk of fraud.

Company Policy for Internal Control Should Include All of the Following