The internal control is defined as a process designed, implemented and maintained by Those Charged with Governance, management and other personnel to provide reasonable assurance about the achievement of entity’s objectives with regard to Reliability of financial reporting. Safeguarding of assets. Effectiveness and efficiency of operations and Compliance with applicable laws and regulations. The term “control” refers to any aspects of one or more of the components of the internal control. Safe Deposit box is a container or a metal box that is held within a larger safe or vault within banks, post offices and other unions to keep valuable documents, records, deeds and titles of property, etc. To select: The correct option.

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Chapter 16, Problem 16.18MCQ

To determine

Introduction:

The internal control is defined as a process designed, implemented and maintained by Those Charged with Governance, management and other personnel to provide reasonable assurance about the achievement of entity’s objectives with regard to

Reliability of financial reporting.

Safeguarding of assets.

Effectiveness and efficiency of operations and

Compliance with applicable laws and regulations.

The term “control” refers to any aspects of one or more of the components of the internal control.

Safe Deposit box is a container or a metal box that is held within a larger safe or vault within banks, post offices and other unions to keep valuable documents, records, deeds and titles of property, etc.

To select: The correct option.

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