13 Help Save & Exit Submit An internal control system consists of all policies and procedures used to protect assets. ensure reliable accounting. promote efficient operations, and urge adherence to company policies. Evaluate each of the following statements and indicate which are true and which are false regarding the objectives of an internal control system. 1. The primary objective of internal control procedures is to safeguard the assets of the business 2 Separation of recordkeeping for assets from the custody over assets willikely increase theft and fraud True Fase Separating the responsibility for a transaction between two or more individuals or departments is not recommended for a good system of internal control. aration of recordkeeping for assets from the custody over assets willnot prevent colla two or more employees to commit fraud