The objective of internal control is to ____
a) Efficient conduct of business
b) Safeguarding assets
c) Preventing and detecting fraud and other unlawful acts
d) All of these
Answer: d) The objective of internal control is to ensure that the organization meets its objectives of (1) effectiveness and efficiency of operations, (2) reliability of financial reporting, and (3) compliance with applicable laws and regulations. If a company is unable to achieve these goals, it may be subject to penalties, fines, or other actions.