Both_______ and _______ Stress the Concept of Self-Assessment and Responsibility

question 146

Multiple Choice

Both_______ and _______ stress the concept of self-assessment and responsibility of management in maintaining and monitoring the internal control environment. The primary goals of maintaining the effectiveness and efficiency of operations, ensuring the reliability of financial reporting and complying with applicable laws and regulations, are the same for both:

• A) The Institute of Internal Auditors (IIA) Standards, the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
• B) The Committee of Sponsoring Organizations of the Treadway Commission (COSO), the Canadian Institute of Chartered Accountants' Criteria of Control (CoCo)
• C) International Organization of Supreme Audit Institutions (INTOSAI) Standards, the Canadian Institute of Chartered Accountants' Criteria of Control (CoCo)
• D) The Institute of Internal Auditors (IIA) Standards, the Committee of Sponsoring Organizations of the Treadway Commission (COSO)

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Definitions:

Federal System

A system of government where power is divided between a central governing authority and various constituent units, such as states or provinces.

Congress

is the national legislative body of the United States, consisting of two houses: the Senate and the House of Representatives, with the power to make laws.

Trial Courts

Courts of law where cases are initially brought and tried, involving the examination of evidence and application of law to decide disputes.

Summary Judgment

A legal determination made by a court without a full trial, based on the facts not being in dispute.