Accounting · Objectives of Internal Control System
Which of the following is considered the most important objective of an internal control system from an auditor's perspective?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The mechanical preparation and generation of periodic financial statements
- 2A aggressive reduction of the company's legal taxation liability
- 3Safeguarding of assets and the systematic prevention and detection of frauds and errors✓
- 4Absolute maximization of the entity's net operational profits
Correct answer
Safeguarding of assets and the systematic prevention and detection of frauds and errors
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