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mahdiyyah bhamjee
on Nov 14, 2024

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A system of internal control

A) is infallible.
B) can be rendered ineffective by employee collusion.
C) invariably will have costs exceeding benefits.
D) is premised on the concept of absolute assurance.

Employee Collusion

When two or more employees work together secretly and deceitfully to commit fraud or theft against their employer, often undermining the employer's interests.

Internal Control

Procedures and policies implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

  • Comprehend the fundamentals of internal control mechanisms.
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Drake LectorNov 20, 2024
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