Two of your friends from high school will soon realize their lifetime dream of opening an English-style pub. They recently spoke with their accountant, who indicated that they should ensure that they implement some strong controls. They have no idea what the accountant was talking about.They know you are studying accounting and they have come to you for advice about what their accountant meant.

(b)

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Why would the accountant tell your friends that they should 'implement some strong controls'?

Ensure the reliability of financial reporting

Eliminate the possibility of any theft or fraud

Improve effectiveness of business operations

Assist in the compliance with applicable laws and regulations

Improve efficiency of business operations

Eliminate the possibility of litigation