QS $6-1($Algo$)$ Internal control objectives LO C$1$

Indicate which statements are true and which are false.

One objective of internal control procedures is to safeguard the assets of the business.

Separation of recordkeeping for assets from the custody over assets does not prevent collusion between two or more employees to commit fraud.

Separation of recordkeeping for assets from the custody over assets helps reduce fraud.

The primary objective of internal control procedures is to safeguard the business against theft from government agencies.