Internal control procedures:
A) Eliminate the risk of loss.
B) Include policies and procedures to safeguard assets.
C) Prevent unavoidable losses.
D) Both eliminate the risk of loss and include policies and procedures to safeguard assets.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

Internal control procedures are designed to safeguard assets and ensure accurate financial reporting, but they do not eliminate risk or prevent all losses.

Internal Control Procedures