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
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