Respuesta :
According to the definitions of accounting and auditing, internal control is a procedure for ensuring that an organization's objectives are satisfied in terms of effectiveness and efficiency. The correct response is A. Safeguard company assets.
Accurate financial reporting, compliance with rules, and policies. All facets of risk management for a company are included in the broad idea of internal control. It is a technique for controlling, monitoring, and assessing the resources of an organisation. The organization's efforts to protect its tangible.
(such as property and equipment) and intangible (such as human capital) resources depend on the ability to recognise and deter fraud. At the organisational level, internal control aims include adhering to legal requirements, timely input on the achievement of strategic or operational goals, and the accuracy of financial accounts.
complete question:
Provide suggestions for a simple system of internal controls to assist the owners in protecting assets and ensuring accuracy in financial data. Consider additional controls that will support the potential for adding merchandise and additional assets with business growth/expansion.
a. Safeguard company assets.
b. Enhance the accuracy and reliability of accounting records
c. Fairness of the financial statements.
d. Reduce the risks of errors
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