Which of the following is not an element of internal controls?
A) to protect assets from misuse
B) ensure the accuracy of business information
C) ensure that laws and regulations are followed
D) ensure that company policies are in place to maximize profits

Question

Quizplus · Accepted Answer

Ensuring that company policies are in place to maximize profits is not an element of internal controls. Internal controls are designed to protect assets from misuse, ensure the accuracy of business information, and ensure that laws and regulations are followed to prevent non-compliance issues. The focus of internal controls is on the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations, rather than maximizing profits.

Which of the Following Is Not an Element of Internal