Re: [ vuZs.net ] ACC311 Answer Requested with some ref or logic

Internal control is primarily established within a company to achieve which one of the following objectives?

To prevent fraud 

To provide reasonable assurance that the company's objectives will be achieved

To catch all errors that may occur in the company

To aid in the effective auditing of the company

Internal control can be described as any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved. 

On Mon, Dec 19, 2011 at 10:23 AM, Zubair Hussain <zubair@vuzs.net> wrote:

Internal control is primarily established within a company to achieve which one of the following objectives?

To prevent fraud 

To provide reasonable assurance that the company's objectives will be achieved

To catch all errors that may occur in the company

To aid in the effective auditing of the company

Which of the following is one of the most fundamental and effective internal controls?

Increased use of computers for recording accounting transactions

Increased reliance on internal auditors to monitor accounting systems

Segregation of incompatible duties across several people

Having internal auditors report only to the Board of Directors

The small audit firms provide the following services EXCEPT:

Liquidation and receivership work, fraud auditing

Financial management and system consultancy

Financial statements planning and preparation

Tax management and statutory form filling

Regards

Zubair Hussain

www.vuzs.net

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Regards

No-Body

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