COSO: a Framework for Internal Control What Is Internal Control

question 63

Essay

COSO: A Framework for Internal Control What is internal control as defined by COSO? Also,explain the other elements of the definition that are important to internal control.

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Definitions:

Validity

The extent to which a concept, conclusion, or measurement is well-founded and corresponds accurately to the real world.

Abilities

The natural or acquired skills and talents that enable individuals to perform tasks, solve problems, and adapt to various situations.

Standardization

The process of developing and implementing technical standards to ensure consistency and compatibility in products, services, and processes.

Random Selection

A method of selecting a sample from a population in a way that gives every member of the population an equal chance of being chosen.