Which of the following is NOT a significant feature of a system of internal control over cash?
A) More than one person opens mail.
B) The person who does bank reconciliations should not be the cashier.
C) The staff member responsible for approving invoices for payment should sign cheques.
D) Bank reconciliation statements are prepared at regular intervals.

Question

Quizplus · Accepted Answer

The staff member responsible for approving invoices for payment should not also be the one to sign cheques, as this creates a conflict of interest. It is important to have a separation of duties to prevent fraud or errors from occurring. A, B, and D are all significant features of a system of internal control over cash, as they help ensure the accuracy and security of cash transactions.

Which of the Following Is NOT a Significant Feature of a System