Which of the Following Is an Attribute of the Internal

question 207

Multiple Choice

Which of the following is an attribute of the internal control component-monitoring of controls?

• A) Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate.
• B) Monitoring of controls is the "tone at the top" of the business.
• C) Monitoring of controls is designed to ensure that the business's goals are achieved.
• D) Monitoring of controls deals with identification and assessment of business risks.

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Definitions:

Managing For Long-Run Profits

A strategic approach that focuses on achieving sustained profitability through customer satisfaction, product quality, and ethical practices over short-term gains.

Immediate Profit

Earnings that are realized right after the completion of a transaction or operation.

Higher Market Share

A situation in which a company or product occupies a larger percentage of the total sales in its market relative to competitors.

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, including ethical practices, environmentally sustainable operations, and community engagement.