SAS 78 Describes Internal Control as a Process, Effected by an Entity's

question 21

Multiple Choice

SAS 78 describes internal control as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding achievement of:

• A)Effectiveness and efficiency of operations
• B)Reliability of financial reporting
• C)Compliance with applicable laws and regulations
• D)All of the above

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Definitions:

Moral Lessons

Teachings or experiences that convey principles of right and wrong behavior, often intended to guide ethical and moral development.

Positive Descriptions

Refers to expressions or statements that convey favorable qualities or attributes of a subject.

Praise

An expression of approval, commendation, or admiration.

Failures

Instances of not achieving a desired or intended outcome, often used as learning opportunities.