Internal Control Is an Organizational Plan That Ensures That the Financial

question 53

True/False

Internal control is an organizational plan that ensures that the financial statements are prepared and submitted in time.

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Definitions:

Yardsticks

Measures or standards used for comparison.

Preventive Actions

Measures taken to detect and eliminate potential causes of non-conformities or other undesirable situations before they occur.

Corrective Actions

Corrective actions refer to steps taken to identify, eliminate, and prevent the recurrence of undesirable behaviors or conditions in an organization or process.

Necessary

Essential or needed to achieve a specific outcome or fulfill a particular need.