Internal control systems include policies and procedures designed to provide
Internal control systems include policies and procedures designed to provide reasonable assurance that the corporation’s objectives are being met in three areas:
(a) Effectiveness and efficiency of operations,
(b) Reliability of financial reporting,
(c) Compliance with applicable laws and regulations.
Like any other business, a bookstore uses internal control activities to meet its objectives in these three areas.
Required:
Attempt to name a control for each area and describe how the control helps accomplish the store’s objectives in these areas.
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