The following questions relate to basic concepts or terms concerning internal control. Select the best response.

a. Which of the following would be least likely to be considered a control objective?

1 Checking the accuracy and reliability of accounting data.

2 Detecting management fraud.

3 Encouraging adherence to managerial policies.

4 Safeguarding assets.

b. Which of the following is not a factor considered in assessing the control environment?

1. Proper authorization of transactions and activities 

2. Personnel policies and procedures 

3. Management's philosophy and operating style 

4. The company's organizational structure

c. The basic concept which recognizes that the cost of internal control should not exceed the benefits expected to be derived is known as 

1. Management by exception.

2. Management responsibility.

3. Limited liability.

4. Reasonable assurance.