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A properly designed internal control system: A
A properly designed internal control system:
A. Lowers the company's risk of loss.
B. Insures profitable operations.
C. Eliminates the need for an audit.
D. Requires the use of non-computerized systems.
E. Is not necessary if the company uses a computerized system.
Expert Solution
Answer choice: A. Lowers the company's risk of loss.
A properly designed internal control system lowers the company's risk of loss. An internal control system puts forth policies and procedures that make it more difficult for fraud to occur. A good example of this is the concept of separation of duties. This requires different employees to perform different tasks to reduce the opportunity for fraud.
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