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)A company should separate the custody of assets from accounting.
C)The external auditors will monitor internal controls.
D)A company should have clearly assigned responsibilities for each position.

Question

Quizplus · Accepted Answer

"Assignment of responsibilities" refers to the practice of clearly assigning specific duties and responsibilities to individuals within an organization. This helps to ensure that everyone knows what is expected of them and can be held accountable for their actions. By having well-defined roles and responsibilities, companies can reduce the risk of fraud, errors, and other types of misconduct. Option D is the correct answer because it reflects this internal control procedure.

Which of the Following Describes the Internal Control Procedure "Assignment