Internal control is a process designed to achieve objectives in which one of the following categories?
A)Reliability of financial reporting.
B)Compliance with applicable laws.
C)Ineffectiveness of operations.
D)Both A and B.

Question

Quizplus · Accepted Answer

Internal control is designed to achieve objectives related to the reliability of financial reporting and compliance with applicable laws and regulations. It also aims to ensure the effectiveness and efficiency of operations, safeguarding of assets, and prevention and detection of fraud. However, only options A and B are listed among the choices, and they are both correct. Therefore, the best choice is D, which includes both A and B as correct options.

Internal Control Is a Process Designed to Achieve Objectives in Which