Which One of the Following Is Not a Generally Recognized

question 153

Multiple Choice

Which one of the following is not a generally recognized internal control procedure?

• A) Internal review by the audit committee of the board of directors
• B) Independent verification of the work of one employee by another employee
• C) Independent review and appraisal by internal auditors
• D) Segregation of duties

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Definitions:

Compete

To strive against others for the purpose of achieving something, such as a prize or a higher level of achievement, often under conditions of equal footing and rules.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Protect

To defend or safeguard from harm, danger, or loss, often pertaining to individuals, groups, or entities.

Consumer Credit

A type of personal loan extended to individuals to purchase consumer goods and services, typically involving interest charges.