What best describes internal controls?
A)A set of processes used to detect errors and irregularities.
B)Procedures used to detect errors and irregularities in asset accounts.
C)A set of processes and procedures to safeguard assets and detect errors.
D)A set of processes and procedures used to detect fraud and find errors in accounting data.

Question

Quizplus · Accepted Answer

Internal controls are designed to safeguard assets and detect errors, as well as ensure the accuracy and reliability of financial information. These controls can include processes and procedures such as segregation of duties, physical and electronic controls, and regular monitoring and review of transactions. While internal controls can help identify instances of fraud, their primary purpose is to prevent and detect errors and irregularities in accounting and financial processes.

What Best Describes Internal Controls