An effective and robust system of internal control ________.
A)will guarantee that the entity will meet its objectives
B)will eliminate all risks related to entity objectives
C)can only provide an entity with reasonable assurance in achieving its financial reporting objectives
D)should be carefully examined to see if the benefits outweigh the costs of providing such a system

Question

Quizplus · Accepted Answer

While an effective and robust system of internal control can provide an entity with reasonable assurance in achieving its financial reporting objectives, it can never guarantee that the entity will meet all its objectives or eliminate all risks. Such a system should also be carefully examined to determine if the benefits outweigh the costs of its implementation.

An Effective and Robust System of Internal Control ________