List and Briefly Discuss the Five Objectives of Internal Control

question 126

Essay

List and briefly discuss the five objectives of internal control.

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Definitions:

Adequacy of Consideration

Refers to a legal assessment of whether the consideration (value) given in exchange for a promise or for performance in a contract is fair and reasonable.

Unilateral Contract

A contract where only one party makes a promise or undertakes a performance without requiring a reciprocal agreement from the other party.

Consideration

In contract law, consideration refers to something of value exchanged between parties, forming the basis for a contract.

Promissory Estoppel

A rule in law that prohibits an individual from retracting a pledge given to another if the latter has justifiably depended on this assurance to their harm.