QS 6-1 Internal control objectives LO C1 Indicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to themself. 3. 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 4. employees to commit fraud