Question

internal control consists of plans to (Select all that apply.) Multiple select question. enhance the reliability of accounting data. enhance the accuracy of accounting data. promote operational efficiency. report management errors to the investors. report misuse of company assets to investor

Answer 1

Internal control consists of plans to

• enhance the reliability of accounting data.
• enhance the accuracy of accounting data.
• courage adherence to company policies and procedures.

Internal control is the name given to the set of business policies that are designed to guard the belongings of the commercial enterprise, prevent fraud, and ensure that the enterprise operates successfully.

The five additives of internal control are: manipulate the environment, threat assessment, manipulate interest, statistics and Communications, and monitoring. The additives of inner management represent the way utilized by an entity to help acquire its objectives.

The seven internal control strategies are separation of duties, getting right of entry to controls, bodily audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.

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