Which of the Following Is True of Internal Control

question 62

Multiple Choice

Which of the following is true of internal control?

• A)A company's outside auditor is responsible for the company's internal control system.
• B)One of the major purposes of internal control is to ensure accurate, reliable accounting records.
• C)Internal control procedures tend to diminish the importance of operational efficiency.
• D)Internal controls are only necessary for large businesses.

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Definitions:

Team

A group of individuals collaborating to achieve a specific goal, characterized by mutual accountability and complementary skills.

Consult Team

The process of seeking information, advice, or decision-making assistance from a group or team, typically composed of individuals with specific expertise or knowledge relevant to the matter at hand.

Managerial Autonomy

The degree to which managers have the freedom to make decisions without direct oversight or control by others.

Team Interaction

The dynamics of how members of a team communicate, collaborate, and work together towards common goals.