Ao internal control system consists of all policies and procedures used to protect assets, ensure reliable Qu following statements and indicate which are true and which are false regarding the objectives of an inter- os 1. Separation of recordkeeping for assets from the custody over assets is intended to reduce theft c1 accounting, promote efficient operations, and urge adherence to company policies. Evaluate each of the nal control system. Inte and fraud. 2. The primary objective of internal control procedures is to safeguard the business against theft from government agencies. 3. The main objective of internal control procedures is best accomplished by designing an opera- tional system with managerial policies that protect the assets from waste, fraud, and theft. -4. Separating the responsibility for a transaction between two or more individuals or departments will not help prevent someone from creating a fictitious invoice and paying the money to herself or himself