Maintaining accurate records is an important internal control principle.

Question

Quizplus · Accepted Answer

Maintaining accurate records is crucial for ensuring the integrity of financial information and helps prevent errors, fraud, and mismanagement. By keeping accurate and up-to-date records, a company can monitor its financial position, track its transactions, and make informed decisions. This is considered an important internal control principle that helps safeguard the company's assets and helps ensure compliance with accounting regulations.

Maintaining Accurate Records Is an Important Internal Control Principle