The only essential element of internal control from the following is
A)Computerized accounting systems
B)An outsourced internal audit function
C)Procedures for proper authorization of transactions
D)Verification by government agencies

Question

Quizplus · Accepted Answer

Procedures for proper authorization of transactions are the only essential element of internal control, as they ensure that transactions are approved by appropriate personnel and are in line with company policies and objectives. While computerized accounting systems and outsourced internal audit functions can enhance internal control, they are not essential. Verification by government agencies is also not a factor in internal control, as it relates to external oversight.

The Only Essential Element of Internal Control from the Following