Asked by Mariah Trevino on Jul 17, 2024
Verified
The independent internal verification principle involves each of the following except the ______________ of data prepared by other employees.
A) comparison
B) reconciliation
C) review
D) segregation
Independent Internal Verification
A process within a company to check the accuracy and completeness of transactions by having them reviewed by a third party or separate department.
Segregation
In business or accounting, this often refers to the separation of duties or resources to prevent errors or fraud; in broader societal terms, it can mean the division of groups based on characteristics.
Reconciliation
The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.
- Comprehend the purposes and value of documentation and verification as part of internal control processes.
Verified Answer
KP
Kelly PesciottaJul 24, 2024
Final Answer :
D
Explanation :
The independent internal verification principle involves comparison, reconciliation, and review of data prepared by other employees to ensure accuracy and completeness. The principle does not involve segregation, which refers to separating duties among different employees to prevent errors and fraud.
Learning Objectives
- Comprehend the purposes and value of documentation and verification as part of internal control processes.