What Is the Most Important Aspect of Internal Control

question 19

Multiple Choice

What is the most important aspect of internal control?

• A) The personnel
• B) The board and audit committee participation
• C) A controlled system
• D) All of the above are equally important aspects of internal control

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Definitions:

Target Amount

The specific financial goal or budget set for a project, initiative, or investment.

Cost Reimbursable Contract

A type of contract where a contractor is paid for all of its allowed expenses to a set limit plus additional payment to allow for a profit.

Time And Material Contracts

A contractual arrangement that pays for labor at a fixed hourly rate and materials at cost.

Project Risk

Potential problems or uncertainties that could impact the successful completion, quality, or timeline of a project.