Question

Internal controls are designed to accomplish five objectives that include compliance with legal​ requirements, promote operational​ efficiency, safeguard​ assets, encourage employees to follow company policy​ and:_________

Answer 1

Answer:

Ensure accurate reliable accounting records

Explanation:

Internal controls refer to those processes and procedures employed by the management of an entity so as to ensure efficient operations and to keep a check on frauds and compliance with better reporting requirements.

For example, biometric system of recording employee attendance which keeps a check as in who is actually on payroll and elimination of any dummy entries from the records.

The purpose of internal control is to safeguard assets, ensure that employees adhere by company policies, compliance with the law, promote operational efficiency and ensure reliable financial reporting without misrepresentation of facts.