The Largest Differences Between the COSO Integrated Control (IC)framework and the COSO

question 123

Multiple Choice

The largest differences between the COSO Integrated Control (IC) framework and the COSO Enterprise Risk Management (ERM) framework is

• A)IC is controls-based,while the ERM is risk-based.
• B)IC is risk-based,while ERM is controls-based.
• C)IC is required,while ERM is optional.
• D)IC is more applicable to international accounting standards,while ERM is more applicable to generally accepted accounting principles.

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Definitions:

Company Policy

Guidelines and rules established by an organization to dictate behavior and decisions in the workplace.

Buffer

A temporary storage area used to manage data while it is being transferred from one place to another, ensuring smooth processing.

Neutral

Not supporting or favoring either side in a conflict, competition, or dispute.

Noncontroversial

Describing topics or issues that are unlikely to provoke disagreement or debate.