Which Internal Control Framework Is Widely Accepted as the Authority

question 32

Multiple Choice

Which internal control framework is widely accepted as the authority on internal controls?

• A) COBIT
• B) COSO Integrated Control
• C) COSO Enterprise Risk Management
• D) Sarbanes-Oxley Control Framework

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Definitions:

Assets Distribution

The process of allocating a company's or estate's assets to creditors, shareholders, or heirs according to legal agreements or laws.

Creditors

Individuals or institutions to whom money is owed by debtors or borrowers.

Loan

A sum of money that is borrowed, often from a bank, which is expected to be paid back with interest.

Personal Liability

The legal responsibility of an individual to bear financial costs associated with damages or legal proceedings.