Which of the Following Is the Only Essential Element of Internal

question 158

Multiple Choice

Which of the following is the only essential element of internal control?

• A) computerized accounting systems
• B) an outsourced internal audit function
• C) procedures for proper authorization of transactions
• D) verification by government agencies

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Definitions:

Repair Service

A service provided by companies or individuals to fix damaged or malfunctioning products, aiming to restore them to their proper working condition.

Purchasing

The process of obtaining goods, services, or works from an external source with specific terms and conditions.

Strategic Sourcing

An approach to procurement that emphasizes continuous improvement and development of purchasing activities to enhance competitive advantage.