The objectives of internal control are to a. prevent fraud and promote the social interest of the company b. provide control over "internal-use only" reports and employee internal conduct c. control the internal organization of the Accounting Department personnel and equipment d. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with

Question

Aditya Barron

Business

15 June, 06:14

The objectives of internal control are to a. prevent fraud and promote the social interest of the company b. provide control over "internal-use only" reports and employee internal conduct c. control the internal organization of the Accounting Department personnel and equipment d. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with

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Chase Kim · Answer 1

d. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

Explanation:

The purpose of internal controls is to provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with.

By definition: An internal control is a procedure or policy put in place by management to safeguard assets, promote accountability, increase efficiency, and stop fraudulent behavior.

Summarily, internal controls are put in place as a process to prevent employees from stealing assets or committing fraud.