Question

The objectives of internal control are to a. prevent fraud and promote the social interest of the company b. provide reasonable assurance that assets are safeguarded and used for business purposes, financial reports are accurate, and laws and regulations are complied with c. control the internal organization of the Accounting Department personnel and equipment d. provide control over "internal-use only" reports and employee internal conduct

Answer 1

The correct option here is B)

Step-by-step explanation:

Internal control is a system designed by an organizations management to provide a sense of assurance in achieving objectives, with maintaining efficiency and effectiveness in regular operations and also reliability of financial statements, to make sure objectives are achieved while complying to company's laws and policies. So the option B here is the right one as it represents the true objective of internal control.

Answer 2

B is the correct option.

Step-by-step explanation:

Internal controls refer to accounting and auditing to ensure the organization's objectives. It also includes direction monitoring and measurement of the resources to prevent fraud and organization resources. At an organizational level, it includes timely feedback on the achievement of goals and financial reporting along with laws and regulations. The major reason for internal control is to reduce the variation in work and to get more predictable outcomes.