An internal control system is used to do all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Protect assets unanswered Prevent all losses unanswered Ensure reliable accounting unanswered Control the entire operation

Question

Casey Roach

Business

23 June, 06:34

An internal control system is used to do all of the following: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Protect assets unanswered Prevent all losses unanswered Ensure reliable accounting unanswered Control the entire operation

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Answers (1)

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Roger Berg · Answer 1

Protect Assets, Reliable accounting

Explanation:

Internal controls refers to policies and procedures implemented by the management of an organization so as to ensure efficient operations and prevent and detect frauds and misstatements.

Objectives of internal controls include, proper executions and prompt recording of transactions, safeguarding of assets from unauthorized use, comparison of recorded assets periodically with actual assets at disposal and timely prevention and detection of misstatements.

Safeguarding of assets refers to those policies and rules that provide the auditor with reasonable assurance w. r. t prevention and detection of misuse and disposition of an entity's assets that are capable of casting a material effect upon financial statements.