Internal controls are concerned with
A) only manual systems of accounting.
B) the extent of government regulations.
C) safeguarding assets.
D) preparing income tax returns.

Question

Quizplus · Accepted Answer

Internal controls are policies and procedures put in place by an organization to safeguard its assets, ensure the accuracy of its financial records, and promote operational efficiency. It is not concerned with preparing income tax returns or the extent of government regulations, and it applies to both manual and computerized accounting systems.

Internal Controls Are Concerned with