Internal controls
A) are implemented by and are the responsibility of the auditors.
B) consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals.
C) guarantee that the company complies with all laws and regulations.
D) only apply to SEC companies.

Question

Quizplus · Accepted Answer

Internal controls are policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals. They are the responsibility of management and not auditors. Although internal controls help ensure compliance with laws and regulations, they do not guarantee it. Internal controls apply to all companies, not just SEC companies.

Internal Controls