Internal Controls Normally Include Procedures Designed to Provide Reasonable Assurance

question 94

Multiple Choice

Internal controls normally include procedures designed to provide reasonable assurance that:

• A)employees act with integrity when performing their assigned tasks.
• B)transactions are executed in accordance with management's authorization.
• C)decision processes leading to management's authorization of transactions are sound.
• D)collusive activities would be detected by segregation of employee duties.

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Definitions:

World Recessions

Periods of global economic downturn characterized by a significant decline in activity across economies worldwide.

Economic Conduct

Behaviors and practices of businesses and consumers that are influenced by economic variables such as prices, income, and market trends.

Strategic Global Partnerships

Collaborations between companies across different countries aimed at leveraging resources, knowledge, and markets to achieve mutual business goals.

North American Free Trade Agreement

A trilateral trade bloc agreement between Canada, Mexico, and the United States to reduce trading costs, increase business investment, and help North America be more competitive in the global marketplace.