Asked by
Ashlyn Gordon
on Nov 18, 2024
Verified
There are three internal control objectives and they are to safeguard the company's reputation, ensure accurate financial reports, and ensure compliance with applicable laws.
Internal Control Objectives
Aims to ensure the accuracy and reliability of financial reports, compliance with laws and regulations, and the effectiveness and efficiency of operations.
Financial Reports
Documents that present an organization's financial performance and position, typically including balance sheets, income statements, and cash flow statements.
Compliance
Refers to the act of following and adhering to rules, regulations, standards, or laws.
- Identify the internal control objectives related to safeguarding assets, ensuring financial report accuracy, and compliance with laws.
Verified Answer
DK
Learning Objectives
- Identify the internal control objectives related to safeguarding assets, ensuring financial report accuracy, and compliance with laws.