It is common in Canadian companies to ensure that an internal control system is in place to prevent errors and irregularities and promote operating efficiency.

Question

Quizplus · Accepted Answer

It is indeed common in Canadian companies to have an internal control system in place to promote efficiency, prevent errors and detect irregularities. This helps ensure the accuracy and reliability of financial reporting and safeguard assets. Internal control system components may include policies and procedures, segregation of duties, appropriate authorization and approval processes, regular monitoring and oversight, and employee training and competence. Such measures also help organizations meet legal and regulatory requirements and build trust with stakeholders.

It Is Common in Canadian Companies to Ensure That an Internal