Indicate whether each of the following statements about internal control and ethics is true or false.
-An internal control system consists of policies and procedures that reduce opportunities for fraud

Question

Quizplus · Accepted Answer

Internal control systems are designed to ensure the integrity of financial and accounting information, prevent fraud and theft, promote operational efficiency and effectiveness, and ensure compliance with laws and regulations. One of the key objectives of internal control is to reduce opportunities for fraud. Therefore, the statement is true.

Indicate Whether Each of the Following Statements About Internal Control