Which of the following is a key element of effective internal control regarding bank statements?

A key element of effective internal control regarding bank statements is the requirement for oversight by a responsible authority, such as the wing commander, before those statements are submitted for further processing or action. This review serves as a significant check within the system, ensuring that all transactions are accurate and that there is accountability for financial activities. By having a designated leader oversee the bank statements, it mitigates risks of errors, fraud, or mismanagement, promoting transparency and trust within the financial operations.

In contrast, unrestricted access to all members would likely lead to confusion and increase the chances of intentional or unintentional misuse of financial data. Direct mailing to the treasurer might not include the necessary oversight, leaving room for errors to go unchecked prior to reviews. Anonymously filing documents eliminates accountability and oversight, which are crucial in maintaining the integrity of financial information. Thus, the essential practice of review by a supervisory figure like the wing commander safeguards the organization against potential financial discrepancies.