Internal Controls Are Not Designed to Provide Reasonable Assurance That

question 90

Multiple Choice

Internal controls are not designed to provide reasonable assurance that

• A) all frauds will be detected.
• B) transactions are executed in accordance with management's authorization.
• C) the company's resources are used efficiently and effectively.
• D) company personnel comply with applicable rules and regulations.

---

Definitions:

Philadelphia Convention

The gathering in 1787 that drafted the Constitution of the United States in Philadelphia, also known as the Constitutional Convention.

Congress Representation

The elected individuals who serve in the United States Congress, including members of the House of Representatives and the Senate, representing the American people.

Virginia Plan

A proposal drafted by James Madison and presented by Edmund Randolph to the Constitutional Convention in 1787, suggesting a national government with legislative, executive, and judicial branches structured primarily around population or financial contributions, favoring larger states.

Universal Suffrage

The right of all adult citizens to vote in political elections, regardless of property ownership, income, race, or gender, a fundamental principle of democratic societies.