According to COSO's Second Report, "Internal Control - Integrated Framework

question 22

Multiple Choice

According to COSO's second report, "Internal Control - Integrated Framework", what is the definition of internal control?

• A) A specific set of internal standards that when subordinate managers hold their workers up to will make the corporation run more efficiently.
• B) A SEC based initiative that is inspected and signed by the CEO and CFO.
• C) Five Elements that are written into corporate language and part of the employee handbook.
• D) A process, affected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives.

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Definitions:

Real-time Information

Data that is available immediately after collection, with no delay in the timeliness of the information provided.

Collaborative Decisions

Decision-making processes or actions that involve multiple stakeholders working together to achieve a consensus or shared outcome.

Information Quality

The degree to which data is accurate, reliable, and relevant for decision-making.