The COSO Definition of Internal Control Says That Internal Control

question 25

Multiple Choice

The COSO definition of internal control says that internal control is a process to achieve objectives in which of the following categories?

• A)Compliance with applicable laws and regulations,usefulness of financial information for making decisions,and the ability of the company to continue in operation.
• B)Usefulness of financial information for making decisions,reliability of financial reporting,and the ability of the company to continue in operation.
• C)Reliability of financial reporting,the usefulness of financial information for making decisions,and compliance with applicable laws and regulations.
• D)Effectiveness and efficiency of operations,reliability of financial reporting,and compliance with applicable laws and regulations.

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Definitions:

Public Consent

The agreement or approval of the general public or a specific community towards a particular idea or policy.

Argument by Analogy

A form of reasoning in which an argument or claim is supported by drawing a comparison between two similar situations or cases.

Similarities

Refers to the aspects or qualities that two or more entities have in common.

Dissimilarities

The state or quality of being unlike or different in nature, form, or quality.