The 2013 COSO Report Stresses That

question 72

Multiple Choice

The 2013 COSO Report stresses that:

• A)Internal control is a process
• B)An internal control system, if properly designed, can become a substitute for management
• C)People only at high levels of an organization are an important part of an internal control system
• D)An internal control system should consist of three interrelated components: the control environment, risk assessment, and control activities

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Definitions:

Schema

A cognitive framework or concept that helps organize and interpret information, influencing perception and understanding.

Self-Concept

An individual's perception and evaluation of themselves, including beliefs, feelings, and thoughts about one’s identity and attributes.

Schema

A cognitive framework or concept that helps organize and interpret information in the world around us.

Impressions

The initial thoughts or feelings about someone or something, formed quickly and without much evidence.