Access to assets and records should be determined by what factor?

Access to assets and records should indeed be determined by the specific needs of the position. This approach ensures that individuals have access to only the information and assets necessary to perform their specific job functions effectively.

This needs-based access is a crucial principle of internal controls and risk management in accounting and finance. By granting access based on job requirements, organizations can protect sensitive information, maintain confidentiality, and minimize the risk of unauthorized access or potential fraud.

Positions within an organization have varying responsibilities, and each role may require different levels of access to various assets and records. For instance, a finance manager may need access to financial records and transactions, while a human resources manager might require access to payroll information. Granting access on a need-to-know basis helps to establish a clear boundary around who can view or manipulate critical data, thereby enhancing the overall security and integrity of the organization’s information systems.