Which of the Following Best Describes the Requirement for a Company

question 67

Multiple Choice

Which of the following best describes the requirement for a company to report on the effectiveness of its internal control?

• A) A company is required to report on the effectiveness of its internal control only if the company is a bank or a thrift with assets of $150 million or more.
• B) Each publicly traded company is required to report on the effectiveness of its internal control.
• C) Each publicly traded and privately held company is required to report the effectiveness of its internal control.
• D) A company is not required to report on its internal control, but almost every publicly traded company voluntarily reports on the effectiveness of its internal control.

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Definitions:

Behavior Categories

A classification of actions or reactions of individuals according to particular criteria or attributes.

Developing

The process of growth and improvement in skills, knowledge, or regions through various strategies and interventions.

Managerial Practices

The strategies, methods, and techniques used by managers to guide and improve an organization's operations and employee performance.

Mentoring

A developmental relationship where a more experienced or knowledgeable person helps to guide a less experienced or less knowledgeable person.