The Main Goal of Auditing Internal Control Is

question 44

Multiple Choice

The main goal of auditing internal control is

• A) To allow the auditor to fix any internal control deficiencies.
• B) To form an opinion on the ability of internal controls to prevent fraud.
• C) To assure management that internal control is preventing all material misstatements on the financial statements.
• D) To evaluate the effectiveness of controls over all relevant financial statement disclosures in the financial statements.

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Definitions:

Strategic Objectives

Long-term goals that an organization aims to achieve to realize its vision, typically involving significant milestones or targets.

Performance Metrics

Metrics employed to evaluate, benchmark, and monitor output or achievements over a period.

Performance Targets

Specific goals set by a business or project to gauge the effectiveness of operations and employees.

Strategic Initiatives

Key projects or plans undertaken by an organization to support and achieve its long-term goals and objectives.