Which of the following statements about internal control is incorrect?
A) Internal control is a very broad concept.
B) Internal control eliminates the possibility of fraud and error.
C) Internal control encompasses all of the elements of an organization.
D) Internal control provides reasonable assurance about the achievement of the entity's objectives.

Question

Quizplus · Accepted Answer

Internal control cannot completely eliminate the possibility of fraud and error, but it can minimize the risk and provide reasonable assurance.

Which of the Following Statements About Internal Control Is Incorrect