Which of the following internal control statements is correct? a. Internal control does not ensure that collusion

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Which of the following internal control statements is correct?

a. Internal control does not ensure that collusion will be detected.

b. Internal control design is the responsibility of the outside auditors.

c. The costs of internal control often exceed the benefits.

d. A strong system of internal control should be enough to show that the financial statements “present fairly.” E-967

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Financial Accounting Reporting And Analysis

ISBN: 9780324149999

6th Edition

Authors: Earl K. Stice, James Stice, Michael Diamond, James D. Stice

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