Like the trial balance, internal control procedures can identify or prevent all errors before they are carried forward to the financial statements.

Question

Quizplus · Accepted Answer

While internal control procedures can identify or prevent most errors, it is not possible to ensure that all errors are caught before they are carried forward to the financial statements. Therefore, it is important to also perform regular audits and reviews to catch any errors or discrepancies.

Like the Trial Balance, Internal Control Procedures Can Identify or Prevent