Internal control is an organizational plan that ensures that the financial statements are prepared and submitted in time.

Question

Quizplus · Accepted Answer

While internal control is important for ensuring the accuracy and reliability of financial statements, its primary objective is to provide reasonable assurance that an organization's objectives are being achieved in an efficient and effective manner, and that risks are being managed appropriately. Internal control does not guarantee the timeliness of financial reporting.

Internal Control Is an Organizational Plan That Ensures That the Financial