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:

Well Paying Jobs

Positions that offer a salary higher than the average, providing financial security and benefits.

Welfare

Government-provided support programs designed to ensure the basic living standards of citizens, including healthcare, food assistance, and unemployment benefits.

Food Stamps

A government-issued voucher program designed to help low-income families purchase food, traditionally as part of welfare support.

Earned Income Tax Credit

A refundable tax credit for low- to moderate-income working individuals and families, particularly those with children.