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Indicate which statements are true and which are false. 1. the primary objective of internal control procedures is to safeguard the business against theft from government agencies
Indicate which statements are true and which are false. 1. the primary objective of internal control procedures is to safeguard the business against theft from government agencies2. Seperating the responsibelity for a transaction between two or more individuals or depatments will not help prevent someone from creating a ficitious invoice and paying the money to themself
3. sepertaion of recordkeeping for assetes from the custody over assets does not prevent collusion between two or more employees to commit fraud
4. Estabilishing responsibilities helps determine who is at fault errors or frauds
Statement 1 is false. The primary objective ofinternal control proceduresis to safeguard the business against theft, fraud, and errors. Government agencies may be a potential threat, but they are not the primary focus.Statement 2 is false. Separating the responsibility for a transaction between two or more individuals or departments can help prevent someone from creating afictitious invoiceand paying the money to themselves. This is because each person or department involved in the transaction will be responsible for verifying the accuracy of the information before passing it on to the next party.Statement 3 is false. Separation of recordkeeping for assets from the custody over assets can help prevent collusion between two or more employees tocommit fraud. This is because it creates a system of checks and balances, where different employees are responsible for different aspects of the transaction.Statement 4 is true. Establishing responsibilities helps determine who is at fault for errors or frauds. This is because it clarifies who was responsible for each step in the transaction, making it easier to identify where mistakes or fraudulent activity occurred.Indicate which statements are true and which are false:1. False - The primary objective of internal control procedures is to ensure the accuracy andreliability of financialreporting,safeguard assets, andpromote operational efficiencyandcompliance with lawsand regulations, not just to protect against theft from government agencies.2. False - Separating responsibility for a transaction between two or more individuals or departments (segregation of duties) does help prevent fraudulent activities such as creating a fictitious invoice and paying the money to oneself.3. False - Separation of recordkeeping for assets from the custody over assets helps prevent fraud and errors, as it requires collusion between two or more employees to commit such acts, making it more difficult.4. True - Establishing responsibilities helps determine who is at fault for errors or frauds, as it clearly defines the roles andduties of each employee,allowing for betteraccountabilityanddetection of anyirregularities.To know aboutfictitious invoicevisitbrainly.com/question/31811657#SPJ11...