List the Objectives of Internal Control and Give an Example

question 22

Essay

List the objectives of internal control and give an example of how each is implemented.
The objectives of internal control are to provide reasonable assurance that:
(1)Assets are safeguarded and used for business puposes.
(2)Business information is accurate.
(3)Employees comply with laws and regulations.

---

Definitions:

Web-based Surveys

Research tools delivered through the internet to collect data from respondents over a wide geographic area in a cost-effective manner.

Panel Study

A method of research in which a given sample of respondents is surveyed at one point in time and then resurveyed at a later point (or several later points). Also known as a longitudinal survey.

Cross-sectional Survey

A research method involving the collection of data from a population, or a representative subset, at one specific point in time.

Causal Connections

The relationship between causes and effects, where one event is understood to be the result of another.