The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:

a. Internal Control Localed Structure by the Congress of Special Offenniga
b. Internal Control Integrated Framework by the Congress of Special Offerings
c. Internal Control Integrated Framework by the Committee of Sponsoring Organization
d. Internal Control Localized Structure by the Committee of Sponsoring Organisations

Question

27-03-2025
Business

High School

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The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:

a. Internal Control Localed Structure by the Congress of Special Offenniga
b. Internal Control Integrated Framework by the Congress of Special Offerings
c. Internal Control Integrated Framework by the Committee of Sponsoring Organization
d. Internal Control Localized Structure by the Committee of Sponsoring Organisations

Answer :

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MimanshaB MimanshaB · Answer 1 · 2024-03-27T04:31:59-04:00

The widely accepted standard framework for designing, analyzing, and evaluating internal controls in organizations is the c. Internal Control-Integrated Framework by the Committee of Sponsoring Organizations (COSO).

The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the c. Internal Control-Integrated Framework by the Committee of Sponsoring Organizations (COSO).

The COSO framework defines internal control as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

Organizations use this framework not only as a guide to achieving these objectives but also as a benchmark against which they can assess the effectiveness and efficiency of their internal controls.