The Framework That Has Become Widely Accepted as the Standard

question 55

Multiple Choice

The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:

• A) Internal Control - Integrated Framework by the Committee of Sponsoring Organizations.
• B) Internal Control - Integrated Framework by the Congress of Special Offerings.
• C) Internal Control Localized Structure by the Committee of Sponsoring Organizations.
• D) Internal Control Localized Structure by the Congress of Special Offerings.

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Definitions:

Intergovernmental Organization

An entity created by treaty, involving two or more nations, to work on issues of common interest or cooperation.

Money

A medium of exchange that allows the transfer of value, typically in the form of coins and banknotes.

Domestic Currency

The legal currency issued by a country's central bank or monetary authority that is used for transactions within the country.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, including sales, leases, and negotiable instruments.