Which of the following is true of internal control?
A)A company's outside auditor is responsible for the company's internal control system.
B)One of the major purposes of internal control is to ensure accurate, reliable accounting records.
C)Internal control procedures tend to diminish the importance of operational efficiency.
D)Internal controls are only necessary for large businesses.

Question

Quizplus · Accepted Answer

One of the primary objectives of internal control systems within an organization is to ensure the accuracy and reliability of accounting records. This is achieved through various controls, checks, and balances designed to prevent and detect errors and fraud, thereby ensuring the integrity of financial reporting.

Which of the Following Is True of Internal Control