Purposes of internal control include:
A)Safeguarding assets.
B)Ensuring financial statement reliability.
C)Promoting operational efficiency.
D)All of the above.

Question

Quizplus · Accepted Answer

All of the options listed are purposes of internal control. Safeguarding assets ensures the protection of company resources, ensuring financial statement reliability assures accuracy in financial reporting, and promoting operational efficiency helps a company to operate more effectively and efficiently.

Purposes of Internal Control Include