Internal Control Has Received Increased Attention in Recent Years

question 58

Multiple Choice

Internal control has received increased attention in recent years. Which is NOT one of the drivers for the changes in the focus on internal control?

• A) new regulations by Canada Revenue Agency
• B) Sarbanes Oxley legislation in the United States
• C) transition to the International Financial Reporting Standards
• D) Canadian legislation for controls

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Definitions:

Employee Benefits

Various types of non-wage compensation provided to employees in addition to their normal wages or salaries.

Neutral Third Party

An independent person or entity that is not involved in any side of a conflict or negotiation, offering assistance in resolving disputes without bias.

Conciliator

An individual, often a neutral party, who assists in resolving disputes by bringing conflicting parties together to achieve agreement or reconciliation.

Consultant

A professional who provides expert advice in a particular area such as business, education, law, regulatory compliance, human resources, marketing, finance, healthcare, or any of many other specialized fields.