rimary role of internal controls in managing a business? a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors. b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business. c.To encourage theft and to ensure that segregation of duties does not take place. d.To prevent cash from being stolen.
rimary role of internal controls in managing a business? a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors. b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business. c.To encourage theft and to ensure that segregation of duties does not take place. d.To prevent cash from being stolen.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 7CYBK: What are the components of internal control per COSO’s Internal Control—Integrated Framework? a....
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What is the primary role of internal controls in managing a business?
a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors.
b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business.
c.To encourage theft and to ensure that segregation of duties does not take place.
d.To prevent cash from being stolen.
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