Internal Control Systems Are

question 193

Multiple Choice

Internal control systems are:

• A)Developed by the Securities and Exchange Commission for public companies.
• B)Developed by the Small Business Administration for non-public companies.
• C)Developed by the Internal Revenue Service for all U.S.companies.
• D)Required by Sarbanes-Oxley (SOX)to be documented and certified if the company's stock is traded on an exchange (a public company).
• E)Required only if a company plans to engage in interstate commerce.

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Definitions:

Holistic Approach

An approach that considers the whole of a system or entity, rather than focusing on its parts separately, emphasizing the interdependence of those parts.

BPR

Business Process Reengineering, a strategy for making an organization's workflows more efficient and effective.

Interdependencies

Mutual dependencies between parts, actions, or entities, where changes in one area may produce outcomes in another, emphasizing the interconnectedness of components.

Central Repository

A centralized database or storage location where data is stored and managed, often used in software development for version control or in data management.