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What is the best way for owners of small businesses to maintain proper internal controls

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter1: Ethics Expectations

Section: Chapter Questions

Problem 3.3EC

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Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. C. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.
Internal control procedures are important in every business, but at what stage in the development of a business do they become especially critical?
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To guard against fraud and waste, businesses use internal controls. correct or incorrect
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