Internal control is a plan of organization and system of procedures implemented by company ________ and the ________ designed to accomplish five objectives.
A)internal auditors,employees
B)external auditors,management
C)management,board of directors
D)employees,board of directors

Question

Quizplus · Accepted Answer

Internal control is implemented by management and the board of directors, who are ultimately responsible for ensuring that the company achieves its objectives. External auditors may evaluate the effectiveness of internal control, but they are not responsible for implementing it. Internal auditors may also be involved in evaluating and monitoring internal control, but they are not solely responsible for implementing it. Employees may play a role in carrying out specific internal control procedures, but they are not responsible for designing the overall plan of organization and system of procedures.

Internal Control Is a Plan of Organization and System of Procedures