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1. Effectiveness and efficiency of operations.
2. Reliability of financial reporting.
3. Compliance with applicable laws and regulations.
The objectives of Internal controls relevant to Accounting system are as follows:
1) Proper execution of transactions.
2) Proper recording of transactions.
a) Timely recording
b) Complete recording
c) Accurate recording
3) Safeguarding the assets of company
4) Periodic reconciliation of recorded information with physical assets.
5) Timely detection of frauds and errors.
--This is a good question
An internal control refers to the process & policies by which a firm maintain enviroments that encourage incorreptib and deter fraudulent activities by management and employees.
- the results of evaluating the system of internal control infulunce the auditor's level of detailed testing.
-Internal control involves every thing that controls
Objectives of internal control relating to accounting system include:
- safeguard of assets from accidental loss or loss from fraud
- ensure the accuracy and reliability of financial information
- ensure compliance with laws, rules and regulations
- promote efficiency and effectiveness of business operations
Compliance and Protecting the company assets.
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