Final answer:
Internal controls are indeed designed to ensure companies meet their objectives, with the board of directors, auditors, and large investors playing key roles in governance. Therefore, the given statement is TRUE.
Step-by-step explanation:
True, internal controls do consist of policies and procedures designed to provide reasonable assurance that the company achieves its objectives and goals. These controls help to ensure accurate and timely financial reporting, compliance with laws and regulations, and effective and efficient operations. The board of directors, auditing firms, and large shareholders play significant roles in corporate governance. The case of Lehman Brothers exemplifies a failure in corporate governance, leading to a lack of accurate financial information being available to investors.