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Answer :
The Internal Control-Integrated Framework by the Committee of Sponsoring Organizations (COSO) is the standard by which companies are expected to design, analyze, and evaluate internal controls. It assists in risk mitigation, operational improvements, and financial integrity. Formal structures like the ISO standards provide broader guidance on quality management practices.
Therefore, the correct option is c.
Standard Framework for Internal Controls:
The widely accepted standard framework by which companies are expected to design, analyze, and evaluate their internal controls is known as the Internal Control-Integrated Framework by the Committee of Sponsoring Organizations (COSO). This framework provides a comprehensive structure for organizations to understand and manage their internal control systems effectively. The purpose of such frameworks is to mitigate risks, improve operations, and ensure the integrity of financial reporting.
The COSO framework serves as a reference for establishing an effective internal control system. It sets out key concepts and identifies relationships between them, helping organizations to align their control activities with their strategy and objectives. Moreover, adherence to the COSO framework can help agencies, like the Department of Defense, to address internal control shortcomings and achieve unqualified audit opinions. This is critical because efficient internal control systems are fundamental for complying with regulations and maintaining organizational accountability.
Comparatively, formal structures such as the ISO standards also provide guidance on organizational systems. However, the ISO's focus is broader, covering various aspects of quality management and standardization. In the realm of building codes, the International Building Code offers minimum standards for safe design and construction, which aligns with the idea of set frameworks guiding the operations and governance within fields.
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