The system of policies and procedures that a company sets to protect its assets are known as:

Question

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The system of policies and procedures that a company sets to protect its assets is known as an internal control system. This system is designed to ensure that the company's operations are carried out effectively and efficiently, financial information is reliable, and compliance with laws and regulations is ensured. The other options such as a lockbox system, critical control system, and reconciliation system are specific methods or tools used in implementing internal control systems, but they do not represent the overall system itself. A standard system is not specific enough to identify what is being referred to.

The System of Policies and Procedures That a Company Sets