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Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.
Financial Accounting
Solutions
Financial Accounting
Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.
Determine the reason for maintaining accounting records to be separated from the responsibility of operations.
Explanation of Solution
Internal Control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. The following are the some of the internal control procedures:
- • Competent personnel, rotating duties, and mandatory vacations
- • Separating responsibilities for related operations
- • Separ...
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