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True or False Question One of the best protections against theft is to hire honest, competent employees. An internal auditing function should not be implemented because it leads the employees to believe that management does not trust them. Whenever possible, responsibilities should be assigned, and duties subdivided in such a way that only one employee is responsible for a given function. Complete, accurate, and up-to-date accounting records should be maintained. Employees should be assigned to one job and should remain in that job so that skill levels will be as high as possible. The use of check protectors, cash registers, and time clocks is recommended. Those employees responsible for safeguarding an asset should maintain the accounting records for that asset. A foolproof internal control structure can be devised if management puts forth the effort. True or False Question True One of the best protections against theft is to hire honest, competent employees. False An internal auditing function should not be implemented because it leads the employees to believe that management does not trust them. True Whenever possible, responsibilities should be assigned, and duties subdivided in such a way that only one employee is responsible for a given function. True Complete, accurate, and up-to-date accounting records should be maintained. False Employees should be assigned to one job and should remain in that job so that skill levels will be as high as possible. True The use of check protectors, cash registers, and time clocks is recommended. False Those employees responsible for safeguarding an asset should maintain the accounting records for that asset. False A foolproof internal control structure can be devised if management puts forth the effort.