The extent of internal control features adopted by a company must be evaluated in terms of costs-and-benefits.

Question

Quizplus · Accepted Answer

Companies need to evaluate the benefits of implementing internal control features against the costs involved in implementing and maintaining such controls. It is important to ensure that the cost of implementing the internal control features is justified by the benefits they provide in terms of minimizing risks, improving accountability, and safeguarding assets.

The Extent of Internal Control Features Adopted by a Company