The Definition of Internal Control Developed by the Committee of Sponsoring

question 32

Multiple Choice

The definition of internal control developed by the Committee of Sponsoring Organizations (COSO) includes controls related to the reliability of internal and external reporting,the effectiveness and efficiency of operations,and:

• A)Compliance with applicable laws and regulations.
• B)Effectiveness of prevention of fraudulent occurrences.
• C)Safeguarding of entity equity.
• D)Incorporation of ethical business practice standards.

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Definitions:

Economic Revolution

A radical change in economic practices, policies, and systems, often resulting in significant shifts in wealth and power structures.

Economic Opportunities

Prospects or avenues for individuals or groups to improve their economic status, often through jobs, investments, or starting businesses.

Religious Persecution

The mistreatment or punishment of individuals or groups because of their religious beliefs, often leading to their displacement, imprisonment, or death.

Gold Mining

The process of extracting gold from the earth, which can involve various methods such as panning, sluicing, dredging, or mining with equipment and chemicals.