COSO Published Two Integrated Frameworks to Assist Organizations in Managing

question 53

Multiple Choice

COSO published two integrated frameworks to assist organizations in managing risk and developing internal controls.Organizations adopting XBRL could use:

• A)The risk management framework only.
• B)The internal control framework only.
• C)Both the risk management and internal control frameworks.
• D)Neither the risk management nor the internal control framework.

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Definitions:

Continuity Correction

An adjustment made to a discrete distribution when approximating it by a continuous distribution, often used in binomial to normal distribution approximations.

Continuous Probability Curve

A curve that represents the distribution of a continuous random variable, indicating the probabilities of all possible values.

Continuity Correction

An adjustment made to a discrete distribution when approximating it to a continuous distribution.

Binomial Random Variable

A type of random variable that counts the number of successes in a fixed number of independent trials with the same probability of success.