Which of the following is an objective of a system of internal controls?
An internal control system is to ensure, as far as practicable: the orderly and efficient conduct of its business, including adherence to internal policies. the safeguarding of assets of the business. the prevention and detection of fraud and error.Click to see full answer. Also, which of the following is an objective of internal control?The control…
An internal control system is to ensure, as far as practicable: the orderly and efficient conduct of its business, including adherence to internal policies. the safeguarding of assets of the business. the prevention and detection of fraud and error.Click to see full answer. Also, which of the following is an objective of internal control?The control objectives include authorization, completeness, accuracy, validity, physical safeguards and security, error handling and segregation of duties.Additionally, what are the five main objectives of internal control? In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives. Control Environment. Integrity and Ethical Values. Risk Assessment. Company-wide Objectives. Control Activities. Information and Communication. Monitoring. Likewise, people ask, what are the four objectives of internal control? Terms in this set (30) Safeguard assets. Ensure the integrity and reliability of the accounting data and information. Promote operational efficiency. Ensure adherence to prescribed management policies and procedures. What are the three objectives of internal control?The COSO framework defines internal control as, “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting,
