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:

National Capital

The city or town that functions as the seat of government and administrative center of a country or region, often housing the head of the government and other key state institutions.

Fugitive Slave Law

Legislation passed in the United States that provided for the return of slaves who escaped from one state into another state or territory.

Rural Republic

A conceptual political entity centered around agrarian values, often idealizing the virtues of rural life and self-sufficiency.

Economic Equality

The principle or condition of having equal access to financial resources and opportunities, aiming to reduce disparities in wealth and income among different population groups.