A major function of an internal control system is to safeguard assets from theft and damage.

Question

Quizplus · Accepted Answer

The main purpose of an internal control system is to protect and safeguard the assets of an organization. This includes preventing theft or damage to physical assets such as cash, inventory, equipment, and electronic data. A well-designed internal control system aims to minimize the risks of asset loss or misuse by establishing policies, procedures, and controls that ensure proper handling, monitoring, and reporting of assets.

A Major Function of an Internal Control System Is to Safeguard