Economics · Auditing and Control
Consider the following statements regarding the system of 'Internal Control' in an organization: 1. Internal control helps in safeguarding the assets of the organization. 2. Internal control ensures absolute accuracy and eliminates all possibilities of error in financial statements. 3. Internal control improves the operational efficiency of the organization. 4. Internal control reduces the risk of fraud and errors. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2, 3 and 4
- 22, 3 and 4 only
- 31 and 2 only
- 41, 3 and 4 only✓
Correct answer
1, 3 and 4 only
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