Asked in Business & Finance
Three internal control objectives for financial reporting?
August 13, 2009 7:16PM
There are actually four internal control objectives of financial reporting. They are 1) Control Environment 2) Risk Assessment 3) Information and Communication Systems 4) Monitoring. These internal control objectives help aid in presenting financial statements that are free of material misstatements. But just because internal control measures are implemented, doesn't mean people cannot circumvent those controls.