The Most Important Aspect of Any System of Controls Is

question 103

Multiple Choice

The most important aspect of any system of controls is:

• A) regular review by top management.
• B) competent trustworthy personnel.
• C) proper authorisation procedures.
• D) separation of duties.

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Definitions:

Cash Balance Plans

A type of pension plan where an employer credits a participant's account with a set percentage of their yearly compensation plus interest charges.

Defined-benefit Plans

Retirement plans in which an employer promises a specified pension payment upon retirement, based on the employee's earnings history, tenure of service, and age.

Defined-contribution Plans

A type of retirement plan where an employer, employee, or both make contributions on a regular basis, but future benefits depend on the investment's performance.