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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following is not one of the three areas for which internal control systems are intended to provide reasonable assurance?

  1. Reliability of financial reporting
  2. Compliance with applicable laws and regulations
  3. Effectiveness and efficiency of operations
  4. Certification that the financial statements are without error

To determine

Introduction:

Internal control system is set of rules and regulation which is applicable in the organization for proper analysis of the financial statement and other important decision.

To choose:

The one which is not the three area for which internal control system to provided reasonable assurance.

Explanation

Explanation for correct answer:

In the internal control system is the inside control system, which not given the certificate for the correctness of the financial statement becausethis power have only chartered accountant that certified the financial statement.

Explanation for incorrect answers:

Option (a) Internal control system ensure that the procedure is going on is to be correct with rules and regulation are follow or not in the origination so that the system ensure the reliability financial reporting...

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