Which of the Following Does the COSO Framework Identify as an Objective

question 77

Multiple Choice

Which of the following does the COSO framework identify as an objective of internal control?

• A)efficiency and effectiveness of operations
• B)placement and efficiency of internal controls
• C)reliability of financial reporting
• D)compliance with standards,laws,and regulations
• E)reliability of the five components of internal control
• F)both A and C
• G)both B and D
• H)both A and E

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Definitions:

Nonsatiation

The assumption in economics that more of a good or service is always preferred to less, implying that there is no saturation point in consumption.

Prefer

Expressing a choice or inclination towards one option or item over another.

Market Basket

A set of goods and services that are typically consumed by a household or used to track the cost of living or inflation.

Perfect Substitutes

Goods or services that can be used in place of one another with no loss of utility by the consumer.