QS 6-1 (Algo) Internal control objectives LO CI Indicate which statements are true and which are false. 1. Internal control procedures should be designed to protect assets from waste and theft. 2. Separation of recordkeeping for assets from the custody over assets helps reduce fraud. 3. The primary objective of internal control procedures is to safeguard the business against theft from government agencies 4. One objective of internal control procedures is to safeguard the assets of the business. True False