Question

The control plan: independent reconciliation of payroll bank account; is directed primarily at achieving which of the following control goals?

(A) provide employees with timely pay checks
(B) ensure efficient employment of resources
(C) ensure validity, completeness and accuracy of time card inputs
(D) ensure security of resources

Answer 1

The control plan of independently reconciling a payroll bank account mainly aims to ensure the security of financial resources by confirming the accuracy of payroll disbursements.

Step-by-step explanation:

The 'independent reconciliation of payroll bank account' is a control plan that primarily focuses on ensuring the security of resources. This is because its purpose is to verify that the funds being withdrawn from the company's bank account for payroll purposes truly match the amounts that should be disbursed according to the payroll records. This process helps to prevent or detect any discrepancies that could indicate errors or fraudulent activities, thus safeguarding the company's financial resources.