What is the process that management implements to ensure the safety of assets, the reliability of its financial reporting and compliance with relevant laws called?

Question

Quizplus · Accepted Answer

The process described is internal control, which is the system of policies and procedures management uses to safeguard assets, ensure reliable financial reporting, and comply with laws and regulations. Cash management and GAAP are specific areas within internal control, and internal auditing is a separate function that evaluates the effectiveness of internal control.

What Is the Process That Management Implements to Ensure the Safety