Question

Which of the following elements of internal control includes maintaining records of employees documenting their compensation...

Which of the following elements of internal control includes maintaining records of employees documenting their compensation and promotion?

a.Risk assessment

b.Control environment

c.Monitoring

d.Control procedures

Business   Accounting   
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Homework Answers

Answer #1

The Answer is Control Procedures.

This is one of the element of the Internal control that tells Policies and Procedures which helps management in acheiving financial reporting objectives. It involves Adequate documentation, Segregation of duties, Proper check on performance and approval of any transcation. It helps to fill any loophole in the system and It ensure enough Documentation for future use.

It involves two things Preparation of Policy and Procedure and implementation of the same.

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