COSO Has Published Integrated Frameworks for Both Internal Control and for Enterprise

question 74

Multiple Choice

COSO has published integrated frameworks for both internal control and for enterprise risk management.Which of the following statements about the frameworks is most true?

• A)Once the enterprise risk management framework was published, the internal control framework became obsolete.
• B)In each framework, one or more elements can be omitted without risk.
• C)"Risk assessment" refers to similar processes in both frameworks.
• D)A "risk response" in the ERM framework could be considered a "control activity" in the internal control framework.

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Definitions:

Prejudiced

Having preconceived opinions that are not based on reason or actual experience.

Anti-gay Prejudice

Negative attitudes, beliefs, or discrimination towards individuals based on their perceived or actual homosexual orientation.

Self-fulfilling Prophecy

A belief or expectation that an individual holds about a future event that manifests because the individual holds it.

Ingroup Favoritism

The tendency to favor, privilege, or extend more positive treatment to members of one's own group over those of an outgroup.