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