ITPEC IP October 2019 Question 65
ITPEC IP October 2019 — Question 65 of 100
Revising internal standards whenever applicable industry safety standards change supports compliance with laws and regulations related to business operations. The company monitors external requirements and updates its rules so that its activities continue to conform to mandatory or governing standards.
Answer (c)
Why not others:
- effectiveness and efficiency concerns achievement of operational objectives and economical use of resources
- reliability of financial reporting concerns accurate financial information
- protection of assets concerns preventing loss, misuse, or damage to company resources
Key rule: The four internal-control objectives are operational effectiveness and efficiency, reliable financial reporting, legal compliance, and safeguarding assets.
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