Controls are not designed to provide assurance that: A)Transactions are executed in accordance with management's authorization. B)Fraud will be eliminated. C)Access to assets is permitted only in accordance with management's authorization. D)The recorded accountability for assets is compared with the existing assets at reasonable intervals.

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Quizplus · Accepted Answer

Controls are designed to provide reasonable assurance, not absolute assurance. While controls can help mitigate the risk of fraud, they cannot entirely eliminate it. Therefore, option B is not something that controls are designed to provide assurance for.

Controls Are Not Designed to Provide Assurance That