Shelly Eckert has prepared the following list of statements about internal control. Identify each statement as true or false. If false, indicate how to correct the statement. a. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use. Select an option b. One of the objectives of internal control is to enhance the accuracy and reliability of the accounting records. Select an option c. No laws require U.S. corporations to maintain an adequate system of internal control. Select an option

Question

05-10-2020
Business

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Shelly Eckert has prepared the following list of statements about internal control. Identify each statement as true or false. If false, indicate how to correct the statement. a. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use. Select an option b. One of the objectives of internal control is to enhance the accuracy and reliability of the accounting records. Select an option c. No laws require U.S. corporations to maintain an adequate system of internal control. Select an option

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OlanmaE OlanmaE · Answer 1 · 2020-10-07T07:16:08+02:00

Answer:

a. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use. = True

b. One of the objectives of internal control is to enhance the accuracy and reliability of the accounting records. =True

c. No laws require U.S. corporations to maintain an adequate system of internal control. = False

Explanation:

Internal control refers to the rules, methods of operation, principles, and standards that are meant to be strictly adhered to by an organization in order to maintain a high degree of financial integrity. From the options provided;

a. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use: This statement is true because when the approved standards are met, assets can be protected and easily traced in the event of a theft. It would also ensure that restrictions to unauthorized records and tools are maintained.

b. One of the objectives of internal control is to enhance the accuracy and reliability of the accounting records: This statement is also true because when good internal controls are followed accounting records are kept up to date and so they can be relied upon.

c. No laws require U.S. corporations to maintain an adequate system of internal control: This statement is false because the U.S is very keen on the maintenance of internal controls by organizations. Defaulters are prosecuted by law enforcement agencies. The Sarbanes-Oxley Act of 2002 makes defaulters culpable.