Asked by Jacob Willard on Jun 21, 2024
Verified
Internal controls include policies to direct operations toward common goals, procedures to ensure reliable financial reports, safeguards to protect company assets and methods to achieve compliance with laws and regulations.
Internal Controls
Internal controls are processes and procedures implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
- Grasp the significance of internal controls and their components in safeguarding company assets and ensuring reliable financial reporting.
Verified Answer
GG
Grace GardnerJun 28, 2024
Final Answer :
True
Explanation :
This is a correct statement about internal controls.
Learning Objectives
- Grasp the significance of internal controls and their components in safeguarding company assets and ensuring reliable financial reporting.