Which of the following statements is one of the overriding principles of internal control?
A)Responsibility for accounting and financial duties should be assigned to one responsible officer.
B)Responsibility for the performance of each duty must be fixed.
C)Responsibility for the accounting duties must be borne by the audit committee of the company.
D)All of the options listed here are correct

Question

Quizplus · Accepted Answer

Responsibility for the performance of each duty must be fixed is one of the overriding principles of internal control. This means that each employee should be assigned specific tasks and responsibilities, and they should be held accountable for the proper completion of those tasks. This helps to prevent errors, fraud, and other types of financial misconduct. While it is also important to assign accounting and financial duties to a responsible officer, and to ensure that the audit committee oversees these functions, these are not overarching principles of internal control. Therefore, option D is incorrect.

Which of the Following Statements Is One of the Overriding