Which of the following statements about internal control is in?
A) Internal control encompasses all of the elements of an organisation
B) Internal control provides reasonable assurance about the achievement of the entity's objectives
C) Internal control eliminates the possibility of fraud and error
D) Internal control is a very broad concept
Correct Answer:
Verified
Q1: One of the elements of an entity's
Q2: All of the following are components of
Q4: Internal control is intended to provide reasonable
Q5: The inherent limitations of internal control include
Q6: The internal control objective of 'classified' means
Q7: When internal controls are effective:
A)the organisation is
Q8: If controls are in place to ensure
Q9: Narratives involve the auditor describing in words
Q10: The concept that no one employee should
Q11: Internal control weaknesses decrease the risk of
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