Which of the following is true of internal control? A) A co

Which of the following is true of internal control?

A) A company’s outside auditor is responsible for the company’s internal control system.
B) One of the major purposes of internal control is to ensure that the assets are safeguarded.
C) Internal control procedures tend to diminish the importance of operational efficiency.
D) Internal controls are only necessary for public companies.

ANSWER

B