Final answer:
The Cost-Benefit Principle is a key concept in Internal Control, ensuring the costs of implementing control systems are balanced against the benefits received.
Step-by-step explanation:
The basic concept of Internal Control that recognizes the cost should not exceed the benefits expected to be derived is known as the Cost-Benefit Principle. This principle is a fundamental aspect of accounting and auditing, where the costs of implementing and maintaining an internal control system are weighed against the benefits that such systems are expected to provide in terms of risk reduction and prevention of fraud and errors. The essence of this principle is to ensure that the resources expended on controls are commensurate with the level of risk being mitigated and the value of the assets being protected.