Internal control is a comprehensive system that helps an organization do all of the following EXCEPT:
A)safeguard assets.
B)safeguard liabilities.
C)operate efficiently and effectively.
D)ensure compliance with applicable laws and regulations.

Question

Quizplus · Accepted Answer

Internal control is designed to safeguard assets, ensure efficient and effective operations, and ensure compliance with laws and regulations. It is not designed to safeguard liabilities, as liabilities are obligations or debts owed by an organization rather than assets to be protected.

Internal Control Is a Comprehensive System That Helps an Organization