Asked by Tyrik Lawson on Jul 21, 2024
Verified
Reconciling the bank statement monthly is an example of
A) segregation of duties.
B) independent internal verification.
C) establishment of responsibility.
D) documentation procedures.
Independent Internal Verification
The audit process within an organization where transactions and processes are reviewed by a person not involved in their execution, aimed at enhancing accuracy and reliability.
Reconciling Bank Statement
The process of ensuring the amounts on a bank statement match the corresponding amounts in a company's financial records.
Segregation Of Duties
An internal control measure where duties are divided among different individuals in an organization to reduce the risk of fraudulent activities.
- Understand the concept and application of independent internal verification.
Verified Answer
Learning Objectives
- Understand the concept and application of independent internal verification.
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