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The internal control in small business is highly dependent on the: Multiple Choice separation of functional...

The internal control in small business is highly dependent on the:

Multiple Choice

  • separation of functional responsibilities.

  • owner-manager's competence, as well as his/her ethics and integrity.

  • complexity of the client's internal controls.

  • bonding of employees.

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Answer #1

Owner-manager's competence, as well as his/her ethics and integrity.

Internal controls refer to the procedures or mechanisms laid out by the organization to ensure the accuracy of the information provided through financial statements, accountability, compliance with rules and regulations. In public companies, internal control are checked over by an auditor on a regular basis. Whereas in a small business, it depends on the owners' integrity and ethics.
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