If a company hires honest employees, no internal control procedures are necessary.

Name: If a company hires honest employees, no internal control procedures are necessary.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Internal control procedures are necessary even if a company has honest employees to prevent errors, fraud, and ensure compliance with laws and regulations. These procedures help to safeguard assets, monitor financial reporting, and promote operational efficiency.

If a Company Hires Honest Employees, No Internal Control Procedures