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:

Anchoring and Adjustment Bias

A cognitive bias where individuals rely too heavily on the first piece of information received (the "anchor") when making decisions.

Representativeness Bias

A cognitive bias where individuals inaccurately judge the likelihood of an event by comparing it to an existing prototype in their minds.

Ideation Step

The phase in a creative or problem-solving process where ideas are generated.

Design Thinking

A problem-solving approach characterized by empathy with users, a discipline of prototyping, and a tolerance for failure, used primarily within the context of product design and business innovation.