The Objectives of Internal Control Do NOT Include

question 5

Multiple Choice

The objectives of internal control do NOT include:

• A)compliance with standards of social responsibility.
• B)safeguarding assets.
• C)promoting operational efficiency.
• D)compliance with legal requirements.

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Definitions:

Punitive Damages

Monetary compensation awarded to an injured party that goes beyond what is necessary to compensate for losses and is intended to punish the wrongdoer.

Arbitration

A method of resolving disputes outside of court through the decision of one or more arbitrators.

Exculpatory Clause

A contract provision that releases one party from liability for their wrongful acts to the other party.

Tort Liability

A legal responsibility arising from civil wrongs not based on contractual obligations, causing harm or loss to another person or entity, leading to potential compensation for damages.