Multiple Choice
Which of the following statements regarding a system of internal control is false?
A) Effective internal control systems provide complete assurance against the occurrence of material frauds and embezzlements.
B) Internal control systems depend largely on the competency and honesty of people.
C) Because internal control systems have a cost, management should evaluate the cost/benefit of each control plan.
D) The development of an internal control system is the responsibility of management.
Correct Answer:
Verified
Correct Answer:
Verified
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