Purposes of internal control system
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1. Summarize the primary purposes of an internal control system.
2. What are the three internal control objectives for financial reporting?
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Solution Summary
This is an explination that list two types of internal controls, and explains the purpose of preventative Controls financial reporting?.
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1. Summarize the primary purposes of internal control system.
The primary purposes of internal control systems are:
? To help enhance the likelihood that the objectives of the organization will be achieved
? Promotion of "orderly, economical, efficient and effective operations
? Produce quality products and services
? Reduce the risk of waste, abuse, fraud, and errors
? Provide reliable financial data, maintain that data, and develop reports that present the data
There are two types of internal controls, i.e. Preventative, and detective controls, the ...
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