Question

current attempt in progress
shelly eckert has prepared the following list of statements about internal control.
identify each statement as true or false.
a. one of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use.
b. one of the objectives of internal control is to enhance the accuracy and reliability of the accounting records.
c. no laws require u.s. corporations to maintain an adequate system of internal control.

Explanation:

• Statement a: Internal control indeed aims to safeguard assets from various threats like employee theft, robbery, and unauthorized use. This is a fundamental objective as assets are crucial for a company's operations.
• Statement b: Another key objective of internal control is to enhance the accuracy and reliability of accounting records. Accurate records are essential for financial reporting, decision - making, and compliance.
• Statement c: The Sarbanes - Oxley Act (SOX) in the U.S. requires corporations to maintain an adequate system of internal control. So, this statement is false.

Answer:

a. True
b. True
c. False