What is meant by internal control based on the professional standards of a public accountant is: a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws. b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws. c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the company d. B and C are correct e. All wrong
What is meant by internal control based on the professional standards of a public accountant is:
a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.
b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.
c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the company
d. B and C are correct
e. All wrong
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