Question: An internal control system is designed to provide a reasonable assurance that all the control objectives are being achieved.Required; a. What purpose does an internal

An internal control system is designed to provide a reasonable assurance that all the control objectives are being achieved.Required;

a. What purpose does an internal control system serve in an organization?

b. Identify and briefly explain the three key elements of a good internal control system.

c. Identify and briefly explain any four inherent limitations of an internal control system.

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