How Many of These Are Features of Good Internal Control

question 2

Multiple Choice

How many of these are features of good internal control of cash payments?
Separation of record-keeping and the authority to sign cheques
The use of a business bank account allowing all major payments to be made by cheque or electronic transfer
Preparing regular bank reconciliation statements
The use of a petty cash fund to cover small incidental cash payments

• A) One
• B) Two
• C) Three
• D) Four

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Definitions:

Work Process

The sequence of tasks or activities that are carried out in order to achieve a specific outcome or product.

Value Process Reengineering

Involves the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.

Michael Hammer

A pioneer of business process reengineering, known for his work on improving operational efficiencies and workflows in organizations.

Process Reengineering

A business management strategy focusing on the analysis and redesign of workflows and processes within an organization to achieve significant improvements in critical performance measures, such as quality, cost, service, and speed.