The Sole Purpose of Systems of Internal Control Is to Detect

question 149

True/False

The sole purpose of systems of internal control is to detect fraud.

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Definitions:

Discretion Over

Having the authority to make decisions and judgments in certain situations without the need for specific authorization.

CEO's Retirement

the process when a company's chief executive officer steps down from their position, often involving succession planning and financial considerations for the retiring CEO.

Research And Development

The process in which a company engages in research efforts to enhance its current products and methods, or to create innovative products and methods.

Expenditures

Money spent by a business in its operation to generate income.