Question

Internal controls Select one: a. consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals b. are implemented by and are the responsibility of the auditors c. guarantee that the company complies with all laws and regulations d. only apply to SEC companies

Answer 1

Answer:

Consists of policies and procedures designed to provide reasonable assurance that the company achieve its objectives and goals.

Explanation:

Internal controls can be defined as the various rules that have been put in place by the management of an organization inorder to achieve the various goals of the organization.

Internal control also helps to ensure that the workers in the organization do not commit any manner of fraud, it prevents them from stealing from the company.

Internal control also helps to improve efficiency in the various operations of the business.

Answer 2

Answer:

consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals

Explanation:

Internal controls consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals.

Internal controls can be divided into three types:

- Detective

- Preventative

- Corrective.

The seven (7) Internal control procedures are;

1. Separation of duties

2. Access controls

3. Physical audits

4. Standardized documentation

5. Trial balances

6. Periodic reconciliations

7. Approval authority.