Internal control concerns all of the procedures and policies that a business takes in order to:

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Quizplus · Accepted Answer

Internal control is primarily concerned with safeguarding a company's assets, which includes policies and procedures designed to prevent theft, fraud, embezzlement, and other losses. While producing correct financial statements is also important, it is a secondary concern that falls under the umbrella of safeguarding assets. Preventing mistakes and ensuring ethical behavior may be part of internal control, but they are not the primary focus. Ensuring the business does not make a loss is a broader business objective that is not directly related to internal control.

Internal Control Concerns All of the Procedures and Policies That