Which of the following is NOT a significant feature of a system of internal control over cash?
A) Two staff members should sign cheques.
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

While it is important for two staff members to sign cheques and for the person who does bank reconciliations to be separate from the cashier, it is not necessary for the staff member responsible for approving invoices for payment to also sign cheques. This person's role is to ensure that invoices are legitimate and match the goods or services received, which is separate from the process of actually disbursing funds. The preparation of regular bank reconciliation statements is also a key feature of internal control over cash.

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