An Effective and Robust System of Internal Control ________

question 14

Multiple Choice

An effective and robust system of internal control ________.

• A)will guarantee that the entity will meet its objectives
• B)will eliminate all risks related to entity objectives
• C)can only provide an entity with reasonable assurance in achieving its financial reporting objectives
• D)should be carefully examined to see if the benefits outweigh the costs of providing such a system

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Definitions:

Function

Denotes the specific role or purpose something is designed or expected to perform.

Ethical Intensity

Relates to the perceived importance or significance of an ethical issue, often influencing how decisions are made in a business context.

Factors

Elements or components that contribute to a result or condition; influential determinants in various contexts.

Sustainable Development

A development approach that meets the needs of the present without compromising the ability of future generations to meet their own needs, often focusing on balancing economic, social, and environmental factors.