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:

Monthly Compounded

Refers to the process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.

Nominal Rate

The interest rate before adjustments for inflation, often referred to as the stated or face value rate of interest.

Membership Fee

A charge paid to belong to a club, organization, or online service, typically on a recurring annual or monthly basis.

Quarterly Contributions

Payments or deposits made into a financial account or investment plan every three months.