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.)
(A) Protect assets checked
(B) Prevent all losses checked
(C) Ensure reliable accounting checked
(D) Control the entire operation

In auditing and financial accounting, internal control systems are made up of policies and procedures set up to govern reasonable assurances of an organization’s objectives. Management can use a combined effort of these policies and procedures to

A) Protect assets checked – Designing better internal controls will ensure assets are protected from accidental loss or fraud.

B) Ensure reliable accounting check – Well designed internal controls helps facilitate accurate and complete financial information.

azikennamdi azikennamdi · Answer 2 · 2021-10-03T13:16:52+02:00

An Internal Control System is used to:

Protect company's assets
Prevent losses of the company
Create and maintain a dependable accounting system.

Without good Internal Control, a company is exposed to the risk of erosion of assets such as theft, mismanagement, inaccuracy of records, fines from non-compliance, the inefficiency of operations, etc

Options A to C highlight the purposes of Internal Control. Internal Control is defined as systems, processes, rules, that are put in place within a company or an organization to remove or reduce fraud, ensure the consistency and integrity of financial records, and enhance accountability throughout the establishment.

Learn more about Internal Control at the following link:

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