Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree with
Answer:
No. Internal controls should be in place to ensure balance of power, that those who approve disbursements aren't the same ones writing the checks, that disbursements are approved at the appropriate levels before invoices are paid, etc, etc.
Disagree. A well thought out and properly running internal control system should help ensure operational effectiveness and operational success as well as the accuracy of accounting records. The internal controls under review as part of Sarbanes Oxley only deal with the accuracy and completeness of the accounting records.
No. Internal control provides senior management/the board of directors with a method of assessing and evaluating that standards and safeguarding of corporate assets occur. This goes way beyond just insuring accuracy in accounting. Issues like proper access to company data files and issuing company checks also are part of this. Additionally internal control has expanded to include operational audits which concentrate not only on proper controls being followed but also that operations are run efficiently.
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