Answer to Question #207281 in Economics for Seatile Phuroe

Question

alternative that contains the type of a control procedure during which 

financial transactions are first authorised by middle managers before being 

authorised by senior managers from the list provided below.

Answer 1

Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. Besides complying with laws and regulations and preventing employees from stealing assets or committing fraud, internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting.