Question

_________________ are the processes and procedures that a company uses to provide reasonable assurance that its financial reports are reliable.

Answer 1

The correct word for the blank space is: Internal controls.

Step-by-step explanation:

Internal controls are crucial for any organization that wants to ensure not only that its operations are efficient, but also that they meet certain ethical standards. Internal controls effectively restrict fraud, as well as other illegal activities. These are put in place by a company to make sure that its budgets and accounting are accurate.