Which of the Following Fundamental Concepts Is Stressed by the COSO

question 68

Multiple Choice

Which of the following fundamental concepts is stressed by the COSO report?

• A)Internal control is not affected by people
• B)Internal control is geared to the achievement of a company's objectives in the financial reporting area only
• C)Internal control is designed to detect all errors and irregularities that occur within a company's system
• D)Internal control is a process

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Definitions:

Worldwide Struggle

Refers to the ongoing global conflicts and challenges related to power, resources, human rights, and environmental sustainability.

American Interests

Refers to the political, economic, and cultural objectives that are considered important for the welfare and security of the United States.

National Health Insurance

A system intended to insure all citizens against financial risks of medical expenses, often funded through taxation or mandatory insurance contributions.

Socialist

A political and economic theory advocating for public or collective ownership and administration of the means of production and distribution of goods.