One specific objective on internal control is ensuring compliance with applicable laws, regulations, professional rules, and contractual obligations.

Question

Quizplus · Accepted Answer

This statement is true. One of the key objectives of internal control is to ensure that the organization is operating in compliance with all relevant laws and regulations, as well as any professional standards or contractual obligations that may apply to its operations. This helps to minimize the risk of legal or ethical violations that could have negative consequences for the organization and its stakeholders.

One Specific Objective on Internal Control Is Ensuring Compliance with Applicable