Which of the Following Is Not One of the fundamental

question 89

Multiple Choice

Which of the following is not one of the fundamental concepts in the COSO report's definition of internal control?

• A) Internal control is a process.
• B) Internal control is effected by people.
• C) Internal control is a guarantee.
• D) Internal control can be expected to provide only reasonable assurance, not absolute assurance, to an entity's management and board.
• E) Internal control is geared to the achievement of objectives in the overlapping categories of financial reporting, compliance, and operations.

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Definitions:

Strategy

A plan of action designed to achieve a long-term or overall aim.

Party's Approach

The method or strategy adopted by a group involved in negotiations or any form of interaction.

Culturally Responsive Strategies

Approaches designed to respect and cater to the differences in norms, values, and practices among various cultural groups, especially in educational, social, and business contexts.

Negotiator

A person involved in discussions aimed at reaching an agreement or resolving a dispute.