Which of the following describes the internal control component "control procedures"?
A) A company must identify its risks.
B) Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate.
C) Control procedures are the "tone at the top" of the business.
D) Control procedures are designed to ensure that the business's goals are achieved.

Question

Quizplus · Accepted Answer

Control procedures are specific actions established by a business to help ensure that its objectives are met, including safeguarding assets, ensuring accurate and reliable financial reporting, and promoting compliance with laws and regulations.

Which of the Following Describes the Internal Control Component "Control