Which of the following describes the internal control procedure assignment of responsibilities?
A) To validate their accounting records, a company should have an audit by an external accountant.
B) The company should separate the custody of assets from accounting.
C) The external auditors will monitor internal controls.
D) Have clearly assigned responsibilities for each position.

Question

Quizplus · Accepted Answer

Assigning clearly defined responsibilities to each position within the organization is a key internal control procedure. This helps to prevent confusion and overlap of duties and ensures that each task is being performed by the appropriate person with the necessary skills and authority. Options A, B, and C refer to other aspects of internal control procedures, but do not specifically address the assignment of responsibilities.

Which of the Following Describes the Internal Control Procedure Assignment