Which of the Following Documents Has Become the Widely Accepted

question 11

Multiple Choice

Which of the following documents has become the widely accepted authority on internal control and is the basis for the others?

• A) The AICPA's Statement of Auditing Standard No. 78
• B) COSO's Internal Control - Integrated Framework
• C) Information Systems Audit and Control Foundation's COBIT
• D) Institute of Internal Auditors Research Foundation's Systems Auditability and Control Report

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Definitions:

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Statement of Financial Position

A financial statement detailing an organization's assets, liabilities, and equity at a particular point in time, also known as a balance sheet.

Accounting Practices

Standard methods and procedures used in preparing financial records and reports.

Diverse

Refers to a variety or a mix of different elements, qualities, or individuals within a particular context.