Martin and Keona, two new hires to Ace CPA firm are discussing the concept of internal control. Neither of them is sure that they fully understand what internal control is. Which of the following statements could best be used to describe internal control?

Internal control can best be thought of as a system implemented by management to ensure that there are no misstatements whatsoever in the financial statements.

Internal control can best be conceptualized as a system to help ensure management and the firms owners that the firm is meeting its operational and financial objectives in an effective and efficient manner.

Internal control is a system of governance implemented by a firms management and the internal audit function which is designed to ensure no error or fraud exists within the firm.

All of these answer choices are correct.