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Steve and Anna, two recent college graduates are meeting up for coffee as...

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Accounting

Steve and Anna, two recent college graduates are meeting up for coffee as they have both
been hired by the same accounting firm. One of the topics of conversation is the concept of
internal control. Steve explains to Anna that he is not fully sure what internal control really
means, and why it would be important to an audit. Select all choices that correctly define
and explain internal control? (Select all that apply.)
Internal control helps a company achieve its stated goals and objectives, and
should help the firm to run more efficiently.
In order for an external auditor to understand a client's system of internal
control, they must first gain an understanding of the client's control risk.
Internal control helps to provide reasonable assurance to firm stakeholders
pertaining to the company achieving its goals and mission etc.
Internal control is a process controlled by the client's external audit function,
and under the control of the client's board of directors.
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