In Response to the Need for Internal Controls Above and Beyond

question 22

Multiple Choice

In response to the need for internal controls above and beyond what was described by COSO, the Information Systems Audit and Control Association developed an extensive framework of IT controls entitled:

• A)Trust Principles
• B)Control Objectives for Information Technology (COBIT)
• C)Control Instrument for Certified Accountants (CICA)
• D)American Internal Control Practice Association (AICPA)

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Definitions:

Corporate Tax

A tax imposed on the income or profit of corporations and other business entities.

35%

This is often a reference to a specific tax rate, percentage rate of interest, or any other figure that is quantified at 35%.

Sole Shareholder

A single individual or entity that holds all the shares of a corporation, essentially owning the company outright.

FMV

Stands for Fair Market Value, which is the price that property would sell for on the open market.