Which of the following situations represents a serious weakness in internal financial control?

Type: MCQ • Marks: 1

A. Different officers authorise, record and verify transactions

B. Bank accounts are regularly reconciled

C. One officer initiates, approves, records and reconciles the same transaction

D. Periodic internal audit is conducted

Explanation

Combining incompatible functions creates opportunities for error, concealment and fraud.

UPSC Principal & Vice Principal Management Finance Administration

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