Which of the Following Statements Is True Regarding the Evolution

question 25

Multiple Choice

Which of the following statements is true regarding the evolution of definitions of internal control?

• A) The definition initiated by the Foreign Corrupt Practices Act in 1977 and included in the auditing standards took a narrow view that was specific to financial reporting.
• B) COSO's 1992 framework expanded the definition to include categories for the effectiveness and efficiency of operations and compliance with laws and regulations.
• C) COSO's 1994 framework expanded the definition to include the safeguarding of assets.
• D) All of the above.

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Definitions:

Libyan Coast

The northern boundary of Libya, stretching along the Mediterranean Sea, known for its historical significance and contemporary geopolitical importance.

Muammar Qaddafi

The Libyan revolutionary and politician who ruled Libya as its primary leader from 1969 until his death in 2011, known for his controversial policies and leadership style.

Nicaraguan Contras

A group of rebel fighters in Nicaragua that were active during the 1980s, opposed to the Sandinista government, and supported by the United States.

Congressional Aid

Congressional aid refers to assistance or funding approved by the United States Congress, directed towards domestic or international programs, entities, or efforts.