Internal Controls Are ________

question 174

Multiple Choice

Internal controls are ________.

• A)laws and regulations imposed by the IRS and SEC to ensure the accuracy of financial statements
• B)accounting procedures required by the FASB to ensure the accuracy and reliability of firms' accounting records
• C)policies and procedures the managers of a firm use to protect a firm's assets and the accuracy of its accounting records
• D)rules required by creditors to ensure repayment of liabilities

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Definitions:

Duty of Confidentiality

A legal or ethical obligation to maintain the privacy of information and not disclose it to third parties without consent or proper authorization.

Lawyer-Client Privilege

A legal privilege that protects communications between attorneys and their clients from being disclosed without the permission of the client.

Ethical Duties

Moral obligations that individuals are expected to adhere to in their personal and professional lives.

Bias or Prejudice

Preconceived opinions or attitudes toward something or someone, often without sufficient knowledge, rationality, or fairness.