Indicate which of the following claims is true and which is untrue. Internal control processes' principal purpose is to protect the firm against theft by government entities
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Indicate which of the following claims is true and which is untrue. Internal control processes' principal purpose is to protect the firm against theft by government entities.
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- Which one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting recordsWhich of the following is NOT one of the purposes of internal control? a. to guarantee the success of the business b. to safeguard the entity’s assets and resources c. to deter errors, fraud, and theft d. to ensure the accuracy and completeness of the accounting dataIndicate which statements are true and which are false. The primary objective of internal control procedures is to safeguard the business against theft from government agencies.
- A business wishes to establish sound internal controls. What rules and processes can you recommend to help limit human fraud and error?Companies set up internal controls to protect against fraud and waste. true or falseIndicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. The primary objective of internal control procedures is to safeguard the business against theft fr agencies. 4. One objective of internal control procedures is to safeguard the assets of the business.
- The main purposes of internal controls include all of the following except Multiple Choice prevention of error, theft, and fraud. promotion of efficiency. ensuring compliance with laws and regulations. increase the operating expenses of publicly traded companies.A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors?Explain one gap the company has in internal control procedures in which fraud or errors could occur? What can the company do to prevent or detect this fraud or error? In your own words, explain the importance of internal control procedures.
- Apart from the internal audit and whistleblowing functions, what other mechanisms can assist management in tackling fraud?Which of the following is true of internal control? A. Internal control procedures tend to diminish the importance of operational efficiency. B. A company's outside auditor is responsible for the company's internal control system. C. Internal controls are only necessary for public companies. D. One of the major purposes of internal control is to ensure that the assets are safeguarded.Which of the following is NOT a rule that would guide system designers in segregating duties in a firm? The Board of Directors should appoint the same individual as Chairman and CEO The organization should be structured so that the perpetration of a fraud requires collusion between two or more individuals Asset custody should be separate from the task of asset record keeping Transaction authorization should be separate from transaction processing