Final answer:
The primary reason for having an internal control system is to prevent theft, which helps safeguard a company's assets and ensure reliable accounting records.
Step-by-step explanation:
One of the most important reasons for having a system of internal control is to prevent theft. Internal control systems are designed to safeguard a company's assets and ensure the accuracy and reliability of its accounting records. By doing so, they help to detect and prevent errors, fraud, and theft. This can include control activities such as segregation of duties, authorization of transactions, and maintaining proper documentation.
Increasing liabilities, maximizing profits, and minimizing taxes, while important, are not the primary focus of internal control systems. These objectives might benefit indirectly from strong internal controls, but the primary aim is to protect assets and ensure financial reporting integrity.