OBJECTIVE 2 TOPIC- The Objectives and Elements of Internal Control. NOTE: The objectives can be achieved by using the five elements of internal control 3. What are the three overarching objectives of internal control? a. b. c. 4. What are the five elements of internal controls and factors that contribute to each element? 1). 2) 3). 4). 5) 5. Why are internal controls not a guarantee to safeguard assets