What is the purpose of an internal control system in public sector financial management, and what are typical controls?

• A. Maximize profits; profit-sharing, diversification, liquidity management, debt financing
• B. To safeguard assets and ensure accuracy; includes separation of duties, approvals, reconciliations, audits, and access restrictions
• C. Improve customer service; call center scripts, service standards, feedback loops, monthly surveys
• D. Expand assets; investment promotion, grant procurement, asset depreciation, external audits

Answer: (B)