The statement that is not an objective of a system of internal controls is overstate liabilities in order to be conservative.
Basically, the term Internal controls means those accounting and auditing processes that are used in a company's finance department that ensures the integrity of financial reporting and regulatory compliance.
Asides from complying with various law and regulations, the internal controls systems helps to improve operational efficiency by ensuring budgets are adhered to, policies are followed, capital shortages are identified and accurate reports are generated for leadership. So, the objective of a system of internal controls includes to enhance the accuracy and reliability of accounting records, safeguard company assets and reduce the risks of errors. Therefore, the Option D is correct.
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