Practicing Success
What are the internal controls designed to do? |
Only ensure accurate accounting records Safeguard assets and optimize use of resource Only safeguard assets Only achieve maximum revenue |
Safeguard assets and optimize use of resource |
The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure the accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws. |