The two levels of internal control are _______.
A)entity-level controls and transaction-level controls
B)entity-level controls
C)transaction-level controls
D)transaction-level and auditor-level controls

Question

Quizplus · Accepted Answer

The two levels of internal control are entity-level controls and transaction-level controls. Entity-level controls are broader controls that operate throughout the organization and affect multiple transactions, while transaction-level controls are specific controls designed for individual transactions. Both levels of internal control are important in ensuring the accuracy and reliability of financial information.

The Two Levels of Internal Control Are _______