The COSO Framework Is Built on Five Interrelated Components

question 24

Multiple Choice

The COSO framework is built on five interrelated components.Which of the following is NOT one of them?

• A) Control environment
• B) Risk assessment
• C) Control activities
• D) InfoSec Governance

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Definitions:

Purchases Variance

A financial metric used to measure the difference between the actual cost of purchased materials and the planned or standard cost.

Materials Price Variance

The difference between the actual amount paid for materials and the expected (or standard) cost of those materials, multiplied by the quantity of materials purchased.

Direct Material Standards

Standard costs set for the quantity and price of materials required for a manufacturing process.

Purchases Variance

A measurement of the difference between the actual cost of materials and the expected, or standard, cost.